2010-07-06 | BSD/DIR/GEN/FFT/02/089

Disbursement of The Proceeds of Foreign Funds Transfer

The Central Bank of Nigeria (CBN) issued a directive to curb abuse in foreign money transfers, effective May 5th, 2010. Starting from this date, all incoming foreign funds must be disbursed through beneficiaries' bank accounts or with a reference from a current account holder confirming the funds' ownership. Banks are encouraged to continue following Know-Your-Customer principles.

Nigeria

Central Bank of Nigeria

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