CBN enforces SWIFT code on banks

CBN moves to regulate Open Banking in Nigeria

The Central Bank of Nigeria (CBN) has ordered banks to comply with the SWIFT universal payment confirmation. It stated this in a circular titled ‘Compliance with the SWIFT universal payment confirmation’ signed by Sam Okojere, the director, banking services department, to all banks which was released on Friday. The circular read in part, “All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT universal confirmation requirements. “All SWIFT customers are required to provide confirmation on the outcome of all their incoming…

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