CBN Sends Strong Warning To Nigerian Banks Over Forex

The Central Bank of Nigeria has warned the Deposit Money Banks to always observe due diligence and desist from all forms of malpractices in foreign exchange transactions.

The regulator body gave the warning in a letter by the Director of Trade and Exchange Department, OZOEMENA NNAJI, addressed to the Deposit Money Banks, urging them to take note and ensure compliance to the warning.

NNAJI urged the banks to know their customers’ businesses, adding that the directive was necessitated by recent occurrences in the foreign exchange market.