2022-12-14 | TED/FEM/PUB/FPC/01/004

Illegal Activities by International Money Transfer Operators

The Central Bank of Nigeria has issued a warning to banks about the illegal activities of Money Transfer Operators, who are terminating payments in Naira instead of US Dollars as required by regulations. Banks are reminded of their responsibility to know their customers and their customers' businesses to prevent further unwholesome practices. Any bank found aiding or collaborating with unlicensed operators or terminating remittances in Naira will face sanctions, including the potential withdrawal of their Authorized Dealership license.

Nigeria

Central Bank of Nigeria

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