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Banking & Finance

Customs authorities held a meeting with non-compliant banks regarding the remittance of duties

The Nigerian Customs Service announced on Sunday that it recently deactivated only two banks due to their failure to remit collected duties.The service also reported these banks to the appropriate financial authorities, including the Central Bank of Nigeria, and ongoing discussions are in progress among all parties involved.According to Abdullahi …

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CBN threatens to sanction banks engaging in illegal sales of Forex

The Central Bank of Nigeria (CBN) has threatened to punish banks engaging in illegal sales of forex. The acting Governor of CBN, Folashodun Shonubi, who disclosed this during a lecture titled: “Diaspora Remittances and Nigerian Economic Development”, in Abuja, emphasised the importance of strict steps to restrict illegal remittances and channel them via appropriate means to maximise economic …

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