A circular signed by Asuquo Evelyn, director of banking supervision department, Asuquo Evelyn, said the directive was based on intelligence reports from competent sources that the Benin Republic is becoming a hub for illicit drug trade in West Africa.
To prevent Nigerian banks from being used as conduits for the movement of dirty money, CBN instructed the banks to strengthen their know-your-customer (KYC) and customer due diligence (CDD) policies.
