CBN Governor Emefiele
Nnaji urged banks to ensure that they know their customers and their customers' businesses.
She stated that the directive was required as a result of recent events in the foreign exchange market.
“The CBN would like to remind all banks that it is their responsibility to not only know their customers (KYC requirements), but also to know their customers' businesses” (KYCB requirements).
“Given this responsibility, and in light of recent market occurrences, the CBN would like to remind banks to refrain from all forms of FX malpractice.
“We would like to reiterate that any bank or banks found culpable in ongoing investigations will have their FX operating licences suspended for at least one year,” the director said.
She urged all DMBs to take notice and ensure compliance.
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