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Tuesday, June 6, 2023

CBN Flags Tier-2 Bank for Violating FX Rules for Betting Companies

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The Central Bank of Nigeria (CBN) has flagged a Tier-2 lender with major operations in the South West of Nigeria for violation of Foreign Exchange (FX) regulations on behalf of betting and gaming companies.

The CBN in a letter to the CEO of the bank seen by MoneyCentral, said that Godwin Emefiele the Governor of the CBN held a meeting with the bank and stakeholders of seven (7) betting and gaming companies on September 11, 2020.

“You pleaded for clemency for processing some transactions in violation of the extant foreign exchange (FX) regulations. Similarly, the betting and gaming companies entreated the Governor to allow them discharge operational expenses,” the letter said.

“Consequently, the Management of CBN has magnanimously granted your bank the approval to honor instruments presented by the companies for payment of winnings, salaries and other overhead expenses.”

The CBN however said the Post-No-Debit restriction on the accounts of the companies is still in place, subject to the exceptions identified above.

The Tier-2 lender has also been directed by the CBN to forward a weekly report to it for clearance of any debits.

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