On the 8th day November, 2018, the central bank of Nigeria issued a warning that all the accounts of the illegal money transfer operators will be blocked. This warning was as a result of criticism received by the Central Bank of Nigeria. The House of Representative Affairs Committee on Diaspora had earlier tongue-lashed the Central Bank of Nigeria over its Foreign exchange and other financial policy that have negatively affected the business environment in Nigeria.

The Central Bank of Nigeria has also gone ahead to warn Nigerians to desist from patronizing these illegal operators as they may lose their hard-earned money in such way.

The CBN’s Acting director, corporate commissions, in person of Mr. Isaac Okorafor stated that the unauthorized money transfer operators have been utilizing the amount realized from remittance to fund the parallel market.

The Acting director added that it has come to the notice of the Central Bank of Nigeria that Nigerians in the Diaspora have continued to patronize the illegal money operators in greater number than before and this patronage is  for home remittance purpose.

He continued that the illegal operators entice unsuspecting customers with eye-catching exchange rate and they make use of Naira accounts created for legal business to pay out funds to the beneficiary while diverting the foreign currencies to fund the parallel market.

He further added that such practices have made such transactions continue unreported to the appropriate authorities which he affirmed that it impedes the effective surveillance of the sector.

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