The Central Bank of Nigeria (CBN) has called on all banks to observe due diligence in the processing of foreign exchange (FX) transactions.
This was contained in a letter to banks signed by CBN’s, Director Trade and Exchange Department, O.S. Nnaji, on Friday, 10th September 2021.
The letter reads: “In line with our continuing close surveillance of our financial markets 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 (KYC requirements) but also Know their customers’ business (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.
“We wish to reiterate that the 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.”
