CBN Issues New Guidelines For Bank Customers

Central Bank of Nigeria (CBN) has issued new regulatory guidelines to Bank customers on the use of their accounts for
banking transactions.
CBN in a statement to commercial banks in the country and made available to customers via email, mandated that all customers of financial institutions are
expected to utilize their accounts within regulatory guidelines.
The statement read:
  • That
    all customers of financial institutions are expected to only use their
    accounts for their direct personal/company related transactions.
  • That
    no customer of any financial institution is permitted to engage in any
    activity that could be perceived as international money remittance
    service (IMTO) or bureau de change (BDC) activities without the express
    approval of the CBN. 
  • That
    any customer who fails to adhere to these guidelines runs the risk of
    being reported not only to the CBN but subsequently to security


The statement further urged customers to be mindful of these directives when
using their bank accounts, adding that it would continue to provide updates
regarding the proper use of bank accounts.

Donate to Precision


Please enter your comment!
Please enter your name here