The Central Bank of Nigeria (CBN) has stated that banks that are involved in forex malpractice would have their forex operation license suspended for at least one year.
The was disclosed in a circular dated September 10, 2021 titled, “Observations of due diligence in the processing of foreign exchange translations” signed by Dr. O.S. NNAJI, Director of Trade and Exchange Department of the CBN.
The CBN said, “In line with the continuing close surveillance of our financial market in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their customers but know their customer business.
“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 form of forex malpractice.
“We wish to reiterate that the FX operations licence of any bank or banks that are found culpable with the ongoing investigation would be suspended at least for one year.“
A former Nigerian Minister of Education and 2023 governorship candidate, Kenneth Gbagi has died at…
Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against Nigeria’s governors and the…
DStv and GOtv have sent messages to their customers over an expected disruption in service…
What is the Dollar to Naira Exchange rate at the black market also known as…
Good morning Nigeria. Welcome to Publisher roundup of top newspaper headlines in Nigeria for today, Sunday, 5th…
The leadership of the Niger Delta Ex-Agitator Phase 1 has expressed its gratitude to the…