- 1 Marks
Question
Under the Money Laundering (Prohibition) Act, what is the limit of foreign exchange in a single transfer that must be reported to the Central Bank of Nigeria?
A. $10,000
B. $20,000
C. $50,000
D. $100,000
E. $500,000
Answer
B. $20,000
Explanation: The correct answer is B, $20,000. According to the Money Laundering (Prohibition) Act, any single transfer of foreign exchange exceeding $20,000 must be reported to the Central Bank of Nigeria to ensure compliance with anti-money laundering regulations.
- Tags: Central Bank, Financial Regulation, Foreign Exchange, Money laundering
- Level: Level 1
- Topic: Law Relating to Banking
- Series: MAR/JULY 2020
- Uploader: Theophilus