2023-09-13 | TED/FEM/PUB/FPC/001/009

Rate quote and other market conduct by International Money Transfer Operators

The Central Bank of Nigeria issues a reminder to all International Money Transfer Operators (IMTOs) about the guidelines and regulations they must follow, specifically regarding rate quotes and market conduct. The bank has observed that some IMTOs are acting in breach of these guidelines, engaging in practices such as arbitrary rate quotes outside the permissible range. IMTOs are required to quote rates within a specified range, and non-compliance will result in sanctions, including the potential loss of their operating license.

Nigeria

Central Bank of Nigeria

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