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CBN monitors banking transactions

14 May 2013, 16:00

Lagos-  The Central Bank of Nigeria (CBN) says it is monitoring all banking transactions in the country electronically through the Electronic Financial Audit Sub-System (E-FASS).

Mr Ugochukwu Okoroafor, CBN spokesman, told the News Agency of Nigeria (NAN) in Lagos on Tuesday that E-FASS was very effective in monitoring banking transactions electronically.

NAN reports that E-FASS is software that helps banks to transmit their daily transactions to the CBN.

``There is no way people can transfer illegal monies without the CBN being aware of it because those transactions are recorded in our customers’ books.

``If anybody does any illegal transaction, the E-FASS is there to monitor all transactions done among the banks,” he said.

Okoroafor said that it was now more difficult to transfer illegally acquired funds out of the country electronically.

 ``If such illegalities are perpetuated, we are duty-bound to expose such tendencies.

``Basically, if you are transferring any funds, you will have to buy foreign exchange to transfer such funds and such transactions have to fall under what we call eligible transactions.``

Okoroafor stressed that transfer of funds was strictly being monitored by the CBN. 


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