The Central Bank of Nigeria has flagged a Tier-2 lender with major operations in the South-West for violation of foreign exchange regulations on behalf of betting and gaming companies.
According to a statement by CBN, its Governor, Godwin Emefiele, held a meeting with the banks and stakeholders of seven betting and gaming companies on September 11, 2020.
Specifically, the letter said, “You pleaded for clemency for processing some transactions in violation of the extant foreign exchange regulations. Similarly, the betting and gaming companies entreated the governor to allow them to discharge operational expenses.
“Consequently, the management of CBN has magnanimously granted your bank the approval to honour instruments presented by the companies for payment of winnings, salaries, and other overhead expenses.”
However, CBN said the ‘Post-No-Debit’ restriction on the accounts of the companies was still in place, subject to the exceptions identified above.
The Tier-2 lender has also been directed by CBN to forward a weekly report to it for clearance of any debit.
