CBN To Suspend FX License Of Some Banks For One Year(See Why)

CBN To Suspend FX License Of Some Banks For One Year(See Why)

The Central Bank of Nigeria 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.

 

CBN To Suspend FX License Of Some Banks For One Year(See Why)

 

“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.“

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