The Central Bank of Nigeria (CBN) has issued a strong and clear warning to all commercial banks across the country. The apex bank now insists that any account receiving illegal foreign exchange (forex) must be flagged and immediately frozen. This directive aims to reduce the rising cases of illicit fund inflows into Nigeria.
Banks Must Carry Out Strict KYCB Checks
According to reports, the CBN has ordered every bank to carry out Know Your Customer Business (KYCB) checks on all customer accounts. With this step, banks will properly verify the identity and activities of their customers.
This move also helps financial institutions ensure that customers are not involved in suspicious or unauthorised forex transactions.
Furthermore, the CBN believes that these strict checks will discourage people who use personal accounts for illegal forex transfers. As a result, banks must remain alert and take immediate action when they notice any suspicious inflow.
Illicit Forex Accounts to Be Frozen Immediately
In addition, the CBN directed banks to quickly identify accounts linked to illegal forex transfers. Once flagged, the banks must freeze those accounts without delay and forward the account details to the CBN.
The apex bank will then submit the information to security agencies for further investigation.
This directive covers both Naira and foreign currency accounts, making it impossible for illegal forex operators to hide. The CBN stated that going forward, there will be zero tolerance for unlawful transfers entering Nigeria.
Why CBN Is Taking This Action
Nigeria has experienced a rise in illegal forex dealings, which affects the value of the Naira. Because of this, the CBN believes strong actions are necessary to protect the economy and maintain financial stability.
Additionally, the illegal forex market has caused distortions in the official exchange rate. By blocking illicit inflows, the CBN hopes to stabilise financial transactions and restore confidence in the banking system.
"Give thanks to the Lord for He is good: His love endures forever."
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Final Thoughts
This update from the CBN highlights the importance of financial transparency in Nigeria. If you receive foreign funds regularly, ensure that the source is legal and properly documented. Otherwise, your bank may freeze your account without prior notice.
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