• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

CBN threatens to suspend FX operating license of banks involved in forex malpractice

4 years ago
in Banking & Finance, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
Godwin Emefiele, Governor of Central Bank of Nigeria, speaks at the Nigeria Capital Markets and Banking Forum.  Chris J Ratcliffe / Bloomberg

Godwin Emefiele, Governor of Central Bank of Nigeria, speaks at the Nigeria Capital Markets and Banking Forum. Chris J Ratcliffe / Bloomberg

66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

CBN threatens to suspend FX operating license of banks involved in forex malpractice

The Central Bank of Nigeria has stated that banks that are involved in forex malpractice would have their forex operation license suspended for at least one year.

The was disclosed in a circular dated September 10, 2021 titled, “Observations of due diligence in the processing of foreign exchange translations” signed by Dr. O.S.  NNAJI, Director of Trade and Exchange Department of the CBN.

The CBN said, “In line with the continuing close surveillance of our financial market in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their customers but know their customer business. 

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any form of forex malpractice. 

“We wish to reiterate that the FX operations licence of any bank or banks that are found culpable with the ongoing investigation would be suspended at least for one year.“

Read: Harvard’s $42 billion fund to end investment in fossil fuels

RelatedPosts

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

Wall Street Forecasts Oil in the $50s Next Year

In case you missed it 
  • The Central Bank of Nigeria (CBN) has announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange supply.
  • The CBN had earlier directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers.
  • In complying with the CBN’s directive, deposit money banks in the country swiftly moved to set up teller points within their banking halls to attend to the forex needs of customers.
  • The CBN has gone further to direct all commercial banks to publish on their websites, the names and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.

Source: nairametrics
Via: norvanreports
Tags: CBNCBN threatens to suspend FX operating license of banks involved in forex malpracticeforex malpracticeNigeria
No Result
View All Result

Highlights

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report 

Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years

Gov’t Misses T-Bills Target by GHS 3.38bn as Investor Appetite for Debt Shifts to BoG Securities

Tough but Right: Will BoG’s Currency Crackdown & NPL Clean-Up Fix the Economy or Freeze Growth?

Trending

Business

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report

September 1, 2025

JVCs Post GHS1.51bn Profit, Assets Rise 39.9% in 2024 – SIGA Report Joint Venture Companies (JVCs) under...

Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans

September 1, 2025

Wall Street Forecasts Oil in the $50s Next Year

September 1, 2025

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

September 1, 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

September 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.