CBN warns corrupt money transfer operators

November 9, 2016 3:49 am0 commentsViews: 19

Money transfer globalLAGOS, (CAJ News) – THE Central Bank of Nigeria (CBN) has denounced  increasing patronage of illegal money transfer operators by Nigerians in
the Diaspora.

CBN stated the alleged unscrupulous operators lured unsuspecting customers with “ridiculous” exchange rates.

These are said to have used Naira accounts opened in local banks ostensibly for legal business to pay out the proceeds to the beneficiaries
while channeling the foreign currencies to fund the parallel market.

The central bank said the practice had led to non-reporting of such transactions to relevant authorities.

This, the bank said, undermined effective surveillance of the sector as well as leading to discrepancies in statistics on the transactions between
countries of origin of remittance and the destination country.

It said accounts in question would be blocked and culprits liable to prosecution.

CAJ News

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