The Central Bank of Nigeria (CBN), has warned Nigerians to very cautious regarding the activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria.
The apex bank gave the warning in a statement made available to Journalist by its Acting Director of Communication, Mr Isaac Okorafor on Abuja Tuesday.
Okoroafor it became necessary to warn Nigerians at home and abroad about the unregistered outfits because the modes of operation of the IMTOs are detrimental to the Nigerian economy.
“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,” Okoroafor said.
“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.”
He said dealing with such unregistered IMTOS may lead to been defrauded.