Money Market

CBN to Sanction Banks on Non-Compliance of Remittance to Treasury Single Account

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by Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Tuesday that banks that fail to meet up with the September 15, 2015 deadline on the remittance of funds into the Treasury Single Account (TSA) will face sanctions.

In August, President Muhammadu Buhari directed payment of government revenues or its agencies into the TSA maintained with the (CBN).

“Banks are therefore directed to ensure that all such funds are remitted in line with the directive on or before the given deadline.

Please note that the Central Bank of Nigeria will impose severe sanctions on any bank that fails to comply on or before the deadline of 15th September, 2015,” the CBN affirmed.

 

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