CBN Releases Guidelines on Proper Use of Bank Accounts!


We wish to inform you that the Central Bank of Nigeria recently released a regulatory guidance on the use of your account for banking transactions.

The highlights of the circular which is aimed at ensuring that all customers of financial institutions utilize their account properly include the following:

All customers are expected to ONLY use their accounts for their direct personal/ company related transactions.

· No customer of any financial institution is permitted to engage in any activity that could be perceived as international money remittance service (IMTO) or bureau de change (BDC) activities without the express of the approval of the CBN.

Any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to security agencies.

We encourage you to comply with these guidelines when using your bank accounts as we remain committed to deliver excellent financial solutions to you always.

You must be logged in to post a comment Login