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Monday , 21 August 2017

CBN axe dangles on erring bank CEOs

Chief Executive Officers and other officers of commercial banks that violate the new foreign exchange policy unveiled by the Central Bank of Nigeria (CBN) will henceforth be sanctioned, the apex bank warned.

“Any bank that fails to comply with the rules of this and other extant forex guidelines shall be sanctioned, which will affect the executive and other officers of the bank,” CBN Director, Financial Markets Department, Alvan Ikoku said in circular to all banks.

The CBN had after a meeting with Deposit Money Banks (DMBs) last Friday, issued new policy actions on  Monday aimed at easing access to foreign exchange for Personal and Business Travel Allowances as well as educational and medical fees, among others.

As part of its new policy which takes effect immediately, the CBN directed all banks to open forex retail outlets at major airports as soon as logistics permit them to do such.

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