Nigeria: Central Bank orders banks to report suspicious cash transactions

Nigeria’s central bank has ordered the country’s banking sector to report suspicious cash transactions from people involved in politics, reports BBC. The move is part of extensive reforms made by central bank governor Lamido Sanusi to try stop corruption. The regulations published on the central bank website now require banks to report the movement of large amounts of cash between accounts if one of them belongs to a “Politically Exposed Person.” Mr Sanusi has sacked the heads of five top banks and brought fraud charges against several bank executives so far.