BY AGENCY REPORTER
The Central Bank of Nigeria has warned Deposit Money Banks to observe due diligence and desist from all forms of malpractices in foreign exchange transactions.
The apex bank gave the warning in a letter signed by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.
In the letter, Nnaji urged the banks not only to ensure that they know their customers, but also to know their businesses.
It read that the directive was necessitated by recent occurrences in the FX market.
“The CBN wishes to remind all banks that it is their responsibility to not only know their customers but also know their customers’ businesses.
“Given this responsibility, and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.
“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for, at least, one year,” the letter read.
It urged all DMBs to ensure full compliance.
(NAN).
