The Central Bank of Nigeria (CBN) has said it will introduce new measures to ensure that Nigerian banks are not used as conduits for illicit fund flows, especially in foreign currencies.
The CBN’s intentions respond to reports that an estimated US$15.7 billion is illegally filtered out of Nigeria’s financial system.
“The Central Bank of Nigeria (CBN) notes with concern 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,” according to a statement signed by the bank’s director of corporate communications, Alhaji Ibrahim Mu’azu.
Whilst conceding that the CBN does not have an independent confirmation of this assertion, the bank nevertheless appears resolved to tackle the issue.
“In the light of this avoidably negative commentary, we wish to draw the public’s attention to several protocols on illicit fund flows, money laundering, and terrorism financing both in Nigeria and around the world, and warn that the CBN will increase its vigilance to ensure that Nigerian banks are not used as conduits for illicit fund flows, especially in foreign currencies,” the statement says.
The statement also expresses the CBN’s readiness to continue to support the government’s fight against money laundering, corruption, and terrorism financing, saying it will block any and every avenue that may be used for these purposes.
The CBN statement can be found here.
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