In an aim to prevent the influx of illicit financing into the sector, the Central Bank of Nigeria is set to closely monitor the Nigerian banking sector’s recapitalization alongside law enforcement agencies.
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.
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