{"id":28697,"date":"2018-12-11T11:46:19","date_gmt":"2018-12-11T10:46:19","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28697"},"modified":"2018-12-11T11:46:19","modified_gmt":"2018-12-11T10:46:19","slug":"41-items-cbn-to-sanction-firms-directors","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/41-items-cbn-to-sanction-firms-directors\/","title":{"rendered":"41 Items: CBN To Sanction Firms, Directors"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) is to sanction Banks, their customers, firms that abuse its policy restricting foreign exchange (forex) allocation to 41 items.<\/p>\n

According to the CBN, culprits are to be investigated by the Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC).<\/p>\n

The CBN explained through its \u00a0Director, Financial Policy & Regulation Department, Kelvin Amugo, that such sanctions will, among others, include blacklisting the institutions and their directors; closing of their accounts; and restricting them from maintaining accounts in any bank under the can remit.<\/p>\n

Part of the letter reads: \u201cThe CBN views this development with trepidation. The Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC) would commence immediate investigation of the accounts of the corporates and entities engaged in this unwholesome act with a view to visiting severe sanctions on all the culprits.\u201d<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

According to the apex bank, the implementation of the policy has resulted in massive investment and the establishment of cottage industries that now engage in the production of the restricted items across the country. The growth and development benefits have been phenomenal.<\/p>\n

It said: \u201cUnfortunately, the trade information available to the CBN indicates the circumvention of the policy as the restricted items are being dumped in the country. The implications are that the growth and employment benefits arising from the policy may be eroded if not checked.<\/p>\n

\u201cBanks are by this notice, advised on strict compliance with the Know Your Customers (KYC) and Know Your Customer Business (KYCB) requirements and be properly guided.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) is to sanction Banks, their customers, firms that abuse its policy restricting foreign exchange (forex) allocation to 41 items. According to the CBN, culprits are to be investigated by the Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC). The CBN explained …<\/p>\n","protected":false},"author":6,"featured_media":14906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[36],"coauthors":[2391],"class_list":["post-28697","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-cbn"],"yoast_head":"\n41 Items: CBN To Sanction Firms, Directors - National Wire<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) is to sanction Banks, their customers, firms that abuse its policy restricting foreign exchange (forex) allocation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/41-items-cbn-to-sanction-firms-directors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"41 Items: CBN To Sanction Firms, Directors - 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