Warning from cbn regarding foreign currency exchange
CBN warned all International Money Transfer Operators (IMTOs) operating within the country, for selling forex higher than the approved rates which is the NAFEX rates plus or minus 2.5%. NAFEX closed at N773.04/$1 on Wednesday.
The warning addresses recent violations and breaches by some IMTOs and outlines potential sanctions for further non-compliance.
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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