Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/007
Title: Observance of Due Diligence in the Processing of Foreign Exchange Transactions
Summary: Financial institutions are reminded of the importance of due diligence in the processing of foreign exchange transactions and the need to know their customers' businesses. The Central Bank of Nigeria warns banks to refrain from any form of foreign exchange malpractices and states that any bank found culpable may have their FX operating license suspended for at least one year.
Posted on: Friday, September 10, 2021
Download: TED/FEM/PUB/FPC/01/007