BANK RECAPITALISATION: CBN Moves To Block Illicit Funds
The move is intended to prevent illicit financing in the sector.
The Director of the CBN’s Financial Policy and Regulation Department, Haruna Mustafa, disclosed this in a circular on Friday.
The circular addressed commercial, merchant and non-interest banks, including promoters of proposed banks, regarding the new minimum capital requirements for banks.
The banker’s bank said it will conduct the enforcement with the collaboration of relevant law enforcement agencies.
Recall that the CBN has raised the minimum capital requirements for all banks in Nigeria.
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