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CBN HAS MADE IT COMPULSORY THAT BANKS ASK THEIR CUSTOMERS TO SUPPLY THEIR SOCIAL MEDIA

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THE NIGERIA CENTRAL BANK By Thomas Rollinstone The Central Bank of Nigeria (CBN) has mandated commercial banks to obtain the social media handles of customers as additional means of identification. “For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification number; Tax Identification number; nationality; occupation; public position held; and name of employer,” the document reads in part. The objective of the regulation is to “provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Centra...
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PRESIDENT TINUBU SUSPENDS EMEFIELE FROM OFFICE AS CENTRAL BANK GOVERNOR

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BREAKING: PRESIDENT TINUBU SUSPENDS EMEFIELE FROM OFFICE AS CENTRAL BANK GOVERNOR President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy. Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms. Willie Bassey Director, Information For: Secretary to the Government of the Federation
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