According to reports, the Central Bank of Nigerian(CBN) has ordered all commercial banks to freeze accounts used by illegal International Money Transfer Operators(IMTOs) to siphon hard currencies to the black market just as it warns Nigerians abroad to stay away from such operators.
According to the apex bank, the illegal IMTOs lure customers with ridiculous exchange rate and use Naira accounts opened in local banks to channel foreign currencies to fund the parallel market.
In a statement by its acting Director, Corporate […]
The Central Bank of Nigeria (CBN) on Tuesday licensed 11 new International Money Transfer Operators (IMTOS) to operate in the country.
According to its acting Director of Corporate Communications, Mr Isaac Okorafor, the new IMTOS are Trans-Fast Remmitance LLC, WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited and HomeSend SCRL. Others are Small World Financial Services Group;Weblink International Limited and Cashpot Limited. The rest are DT&T Corporation Limited; Fiem Group LLC DBA Ping Express andCP Express Limited.
Okorafor explained in a statement […]