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CBN to punish Mortgage Banks for late submission of returns

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CBN bans foreign currency as collateral for naira loan

The Central Bank of Nigeria (CBN) has expressed dismay over the late and non-rendition of periodic returns on FinA by Primary Mortgage Banks (PMBs).

The Apex bank in a circular available on its official website stated thus:

“All PMBs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institution Acts (BOFIA) 2020, and other extant regulations on timely rendition of regulatory returns.

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Consequently, all PMBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. Where the 5ht day falls on a weekend or public holiday, returns shall be submitted the previous work day.

You are strongly advised to ensure timely rendition of all regulatory returns as future breaches shall be sanctioned.”

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