CBN warns banks over foreign exchange malpractices
The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.
The circular signed today by the Director Trade and Exchange Department, CBN, Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets 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 (KYC requirements) but also Know their customers’ business (KYCB requirements).
“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 forms of FX malpractices.
“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”
Naira hits historic low of 543 against dollar
The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.
The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.
The British Pound was also sold for £1/N740.
This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.
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How Miriam Olusanya, others are stealing show from men in banking
A lot has been said about women being the weaker sex and a lot has also been said that women being more efficient than men in the day-to-day activities of life.
Following the recent news that Miriam Olusanya will take over from Segun Agbaje as the Managing Director/Chief Executive Officer of GTBank, it seems a revolution is taking place in the banking sector and women are leading it.
This year alone, three women have been appointed as Managing Directors and CEOs of three leading banks in Nigeria. Nneka Onyeali-Ikpe is the first female MD and CEO of Fidelity Bank. Yemisi Edun is the first female MD/CEO of First City Monument Bank (FCMB). Miriam Olusanya joined the list a few days ago ago.