CBN revokes 11 IMTOs license

By Kayode Tokede

The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 11 International Money Transfer Operators (IMTOs) in the country’s foreign exchange market.

In the list of released by the CBN on Monday, only 47 IMTOs are currently operating in the country compared to 58 in February 2019.

Although the apex bank did not disclose why the licenses of the operators were revoked, there are guidelines on their operations and any infraction attracts sanction.

One of such is the failure of an operator to submit its returns to the Director of Trade & Exchange Department at CBN.

The CBN had in December last year warned IMTOs to desist from paying remittances in naira or face sanctions in an effort to increase dollar supply in the country.

In a memo to banks and IMTOs, the apex bank noted that there would be strict sanctions including withdrawal of operating licenses of any individual and/or institutions found to be aiding, abetting, or directly contravening the guidelines.