The Central Bank of Nigeria (CBN) yesterday vowed to increase its vigilance to ensure that Nigerian banks are not used as conduits for illicit fund flows, especially in foreign currencies.
The apex bank’s new posture is part of the efforts that have helped shore up the value of the naira as reflected in the dollar exchanging for N210 at the weekend from the previous exchange rate of N245 a few days ago.
The CBN’s latest move was in reaction to a recent report by the Global Financial Integrity Group, which ranks Nigeria as one of the 10 largest countries for illicit financial flows in the world.
The CBN quoted the report as saying that the illicit fund put at $15.7 billion was going through Nigeria’s financial system annually, although it said it did not have an independent confirmation of the report. Read more
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