May 21, 2024
CBN threatens to suspend banks over illegal forex deals
CBN denies, condemns peddlers of rumor on Domiciliary Account Holdings
– By Godswill Odiong

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

By Eyo Nsima

The Central Bank of Nigeria, CBN, Friday, threatened to suspend the license of banks involved in illegal foreign exchange transactions.

In a letter to the banks, Director, Trade and Exchange Department, CBN, Dr. O.S. Nnaji, stated: “In line with our continuing close surveillance of our financial markets in general and the foreign market in particular, the CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements), but also know their customers’ businesses (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.”

He also added: “We wish to reiterate that FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top