The
Central Bank of Nigeria (CBN) has warned Nigerians at home and in the Diaspora
to be wary of the activities of some unlicensed International Money Transfer
Operators (IMTOs) in Nigeria.
It stated that the mode of operation of these unlicensed operators
was injurious to the country’s economy.
This was contained in a statement made available to newsmen by
CBN’s Acting Director of Communication, Mr Isaac Okorafor in Abuja on Tuesday.
He said:“All financial services providers in Nigeria, just as in other
jurisdictions, are required to be duly licensed in order to protect both
customers and the financial system as well as to ensure the credibility of
financial transactions.
“For the avoidance of doubt, all licensed International Money Transfer
Operators, are required to remit foreign currency to their respective agent
banks in Nigeria for disbursement in naira to the beneficiaries.
“The foreign currency proceeds are to be sold to
Bureaux De Change operators, for onward retail to end users.
“The Central Bank of Nigeria will therefore not
condone any attempt aimed at undermining the country’s foreign exchange
regime.”
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