{"id":33206,"date":"2021-09-11T18:45:30","date_gmt":"2021-09-11T17:45:30","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=33206"},"modified":"2021-10-07T00:43:47","modified_gmt":"2021-10-07T00:43:47","slug":"cbn-warns-commercial-banks-against-foreign-exchange-malpractices","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/cbn-warns-commercial-banks-against-foreign-exchange-malpractices\/","title":{"rendered":"CBN warns commercial banks against Foreign Exchange malpractices"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.<br \/>\nThe apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.<br \/>\nNnaji urged the banks to, not only ensure to know their customers, but also to know their customers \u2018 businesses.<br \/>\nShe said  the directive was necessitated by recent occurrences in the FX market.<br \/>\n\u201cThe CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers\u2019 businesses (KYCB requirements).<br \/>\n\u201cGiven 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.<br \/>\n\u201cWe 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,\u201d the director said.<br \/>\nShe urged all the DMBs concerned to take note and ensure compliance.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-33206\" data-postid=\"33206\" class=\"themify_builder_content themify_builder_content-33206 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions. The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs. Nnaji urged the banks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[453],"class_list":["post-33206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-dollars","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN warns commercial banks against Foreign Exchange malpractices - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/cbn-warns-commercial-banks-against-foreign-exchange-malpractices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN warns commercial banks against Foreign Exchange malpractices - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions. 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