The
Central Bank of Nigeria (CBN) has issued new regulatory guidelines to Bank customers on the use of their accounts for
banking transactions.
Central Bank of Nigeria (CBN) has issued new regulatory guidelines to Bank customers on the use of their accounts for
banking transactions.
The
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.
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
agencies.”
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.
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