The Central Bank of Nigeria (CBN) has warned all International Money Transfer Operators (IMTOs) operating within the country over selling of FOREX higher than the approved rates.
The warning, according to the apex bank, is to address recent violations and breach by some IMTOs and outlines potential sanctions for further non-compliance.
CBN noted that the approved rates is the NAFEX rates plus or minus 2.5%. NAFEX closed at N773.04/$1 on Wednesday.
The CBN identified issues such as arbitrary rate quotes outside the permissible range, in clear violation of the extant regulations.
“However, in the course of routine checks by the Central Bank of Nigeria, it was observed that some IMTOs were operating and acting in breach of above referenced circular. These actions included arbitrary rate quotes outside of permissible range and other sharp practices, in violation of extant regulations.”
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