CBN is taking steps to regulate illicit funds by partnering with security agencies as part of the bank recapitalization process.

Mobel
By Mobel 2 Min Read

CBN is taking steps to regulate illicit funds by partnering with security agencies as part of the bank recapitalization process.

CBN is taking steps to regulate illicit funds by partnering with security agencies as part of the bank recapitalization process. The Central Bank of Nigeria, CBN, plans to closely monitor the recapitalisation of the Nigerian banking sector, in collaboration with law enforcement agencies.

The move is intended to prevent illicit financing in the sector.

The Director of the CBN’s Financial Policy and Regulation Department, Haruna Mustafa, disclosed this in a circular on Friday.

The circular addressed commercial, merchant and non-interest banks, including promoters of proposed banks, regarding the new minimum capital requirements for banks.

- Advertisement -

The banker’s bank said it will conduct the enforcement with the collaboration of relevant law enforcement agencies.

According to the circular, the CBN wants to ensure that the capital raised during the recapitalization process is free from illegality.

Recall that the CBN has raised the minimum capital requirements for all banks in Nigeria.

ALSO READ:

 

- Advertisement -
See also  Top 5 age demographics that make up Nigeria’s informal sector
Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

x