The Central Bank of Nigeria (CBN) has warned all the banks in Nigeria to henceforth freeze all accounts receiving illegal foreign exchange (forex) inflows into the country.

The apex bank directed the banks to conduct Know Your Customs Business (KYCB) checks on all their customers to ensure that they do no transact illegal/illicit flows.

The CBN  equally directed the banks to identify and freeze accounts receiving illicit forex and submit the account details of the accounts held in Naira or foreign currency to the CBN for prompt reporting to the security agencies.