Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004
Title: Illegal Activities by International Money Transfer Operators
Summary: The Central Bank of Nigeria has noticed an increase in illegal activities by Money Transfer Operators (MTOs) in Nigeria, where payments are being terminated in Naira instead of US Dollars as required by regulations. Banks found aiding and abetting unlicensed MTOs in this practice will face appropriate sanctions. Banks and MTOs are reminded to only pay out diaspora remittance proceeds in US Dollars and adhere to the guidelines on International Money Transfer Operations.
Posted on: Wednesday, December 14, 2022
Download: TED/FEM/PUB/FPC/01/004