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.

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