CBN Imposes Fine of #10,000 On Any Banks That Failed to Reverse Any E-Transactions Within 24 Hours

Nigeria’s apex bank Central Bank of Nigeria (CBN) has impose #10,000 fine on all commercial banks that failed to reverse back any failed electronic transactions within 24 hours.

The Nigeria’s Apex bank, CBN stated this in a “Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria,” Punch reports.

Banks may take sometimes take as long as 5 working days in the current system, but the apex bank has said this is no longer allowed.

CBN Imposes Fine of #10,000 On Any Banks That Failed to Reserve Any E-Transactions Within 24 Hours

“The sanctions above and any other prescribed in the Nigeria Bankers’ Clearing System rules or any amendment thereto, shall apply,” the CBN said.