2021-09-10 | TED/FEM/PUB/FPC/01/007

Observance of Due Diligence in the Processing of Foreign Exchange Transactions

The Central Bank of Nigeria (CBN) reminds banks of their responsibility to know their customers and their customers' businesses. The CBN warns banks to refrain from any form of foreign exchange (FX) malpractices and reiterates that banks found culpable in ongoing investigations will have their FX operating licenses suspended for at least one year. This letter emphasizes the importance of due diligence and compliance in the processing of FX transactions by banks in Nigeria.

Nigeria

Central Bank of Nigeria

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