The new directive followed a series of policy reforms to strengthen the foreign exchange market in Nigeria and encourage fuguidelinesnd remittance via legal and authorised channels.
The new guidelines stipulate that applicants must comply with the apex bank's anti-money laundering, combating terrorism and countering proliferation financing of weapons of mass destruction regulations.
CBN stated that compliance with the requirements and receiving a favourable outcome would allow the applicant's Approval-in-Principle to open a bank account and process pre-operational processes.
