CBN, law enforcement agents to monitor banks’ compliance

The Central Bank of Nigeria is set to closely monitor the Nigerian banking sector’s recapitalisation alongside law enforcement agencies.

This move is intended to prevent the influx of illicit financing into the sector.

The Director of the Financial Policy and Regulation Department at the CBN, Haruna Mustafa, disclosed this in a circular on Friday.

The circular was addressed to commercial, merchant, and non-interest banks, including promoters of proposed banks, on the new minimum capital requirements for banks.

With the collaboration of relevant law enforcement agencies, the bank aims to ensure that the capital raised during the recapitalisation process is free from the taint of illegality.