CBN, banks investigate suspected $1b currency counterfeiting | The Guardian Nigeria News

📆 01/09/2023 14:18:00
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The Central Bank of Nigeria (CBN) has launched an inquiry into an alleged $1 billion currency counterfeit deal, involving a Nigerian and other nationals.

A memo, dated August 23, 2023, giving insight into the inquiry and marked confidential was addressed to banks and financial institutions.The memo ‘FPR/AML/INT/DSH/001/039’ signed by the Director, Financial Policy and Regulation Department, Chibuzo Efobi, was titled ‘Administrative letter to banks and other financial institutions: Arrest of a Nigerian and four other nationals for alleged involvement in currency counterfeiting’.

“Pursuant to Regulation 4 of the Central Bank of Nigeria Regulations, 2022, financial institutions are required to immediately take the following measures: Conduct searches of their database to determine whether there is any information about the above individuals; check whether they maintain any accounts or hold any funds or economic resources for the persons mentioned above; identify and file suspicious transaction reports to the Nigerian Financial Intelligence Unit and render NIL report to...

The Director of Corporate Communications of the apex bank, Dr Isa Abdulmumin could not be reached for more details about the inquiry.

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