Banks that engage in forex malpractice will have their forex operation licenses suspended for at least one year, according to the Central Bank of Nigeria.
The information was revealed in a circular signed by Dr. O.S. NNAJI, Director of the CBN’s Trade and Exchange Department, dated September 10, 2021, headlined “Observations of due diligence in the processing of foreign exchange translations.”
“In light of the CBN’s ongoing close monitoring of our financial market in general, and the FX market in particular, the CBN wishes to remind all banks that it is their job to not only know their customers, but also know their customer business,” the CBN said.
“In light of these obligations and recent market events, the CBN would like to warn banks to refrain from any and all forms of forex misconduct.
“We would like to underline that any bank or banks found responsible in the ongoing inquiry would have their FX operations licenses terminated for at least one year.”
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