Central Bank Of Nigeria (CBN) has warned banks and other financial institutions in the country to beware transactions with Benin Republic.
The apex bank warns that Benin Republic had become a hub for illicit drug trade in West Africa, asking banks to enhance security measures on existing accounts that conduct transactions with Benin Republic and the entire region.
CBN director of banking supervision department, Asuquo Evelyn, issued the directive in a circular to financial organizations, dated April 11.
The apex bank warned the banks to avoid being used as channel to move the illicit funds from illegal drug dealings, and mandated the reclassification of related customers as high risk.
The banks were told to double down on policies such as know-your-customer and customer due diligence.