Sunday, September 19, 2021

CBN Warns Commercial Banks Against Forex Malpractices

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The Central Bank of Nigeria has issued a warning to Deposit Money Banks, DMBs, to observe due diligence and desist from any form of malpractices in foreign exchange transactions.

In a letter by the Director of Trade and Exchange Department Ozoemena Nnaji  addressed to the DMBs, the CBN urged the banks to ensure they know the identity of customers and businesses.

She said the directive was necessary due to recent occurrences in the Forex market