BEWARE OF UNREGISTERED MONEY TRANSFER COMPANIES- CBN

The Central Bank of Nigeria (CBN) has raised an alarm over the activities of unregistered money transfer companies under the current open market regime for foreign buying and selling.

According to a press release signed by the acting Director, Corporate Communications, Mr Isaac Okorafor, the "CBN wishes to advise Nigerians to be wary of unwholesome activities of some unregistered international money transfer operators in Nigeria"

According to Mr Okorafor, all genuine operators are expected to be duly licensed by the CBN in order to protect customers and the financial system.

And all such licensed transfer companies are required to remit foreign exchange to their respective agent banks in Nigeria for disbursement in Naira to their respective beneficiaries while the foreign exchange proceeds are to be sold to Bureaux de Change operators for onward retailing to end users.

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