The Central Bank of Nigeria (CBN) wishes to advise Nigerians at home and in the
Diaspora to beware of the unwholesome activities of some unlicensed International
Money Transfer Operators (IMTOs) in Nigeria.
This warning has become necessary because of the activities of some unregistered
IMTOs, whose modes of operation are detrimental to the Nigerian economy.
All financial service 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, in line
with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are
required to remit foreign currency to their respective agent banks in Nigeria for
disbursement in Naira to the beneficiaries while 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
Accordingly, members of the public are advised to beware of the activities of such
unregistered IMTOs for the greater economic good of Nigeria. More details