CBN Imposes N100 Penalty On Inadequate Processing Of Forex Documents

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CBN Imposes N100 Penalty On Inadequate Processing Of Forex Documents

The Central Bank of Nigeria (CBN) has introduced stricter sanctions for banks that process foreign exchange transactions without proper documentation, imposing penalties that could run into hundreds of millions of naira. Under the revised foreign exchange regulatory framework, authorised dealer banks found to have completed forex transactions with insufficient supporting documents will pay a N100 […]

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