The Director of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Asuquo Evelyn, revealed in a circular that the accounts of the Republic of Benin are risky. Banks and other financial institutions in the country have been urged to be vigilant with regard to transactions involving the Republic of Benin.

Initiate of Benin's accounts are risky, the CBN tells banks. The umbrella bank warned against the use of Nigerian financial institutions as a channel used to move illicit funds from drug trafficking and ordered the reclassification of related customers as high-risk. And for good reason, the Republic of Benin is increasingly becoming a hub for the transit and consumption of drug trafficking in West Africa.

Banks have therefore been asked to redouble their efforts on policies such as Know Your Customer (KYC) and Customer Due Diligence (CDD).