CBN To Punish Banks Involved In Forex Malpractice

DIRECTOR of Trade and Exchange Department of the Central Bank of Nigeria (CBN), O.S Nnaji, has vowed to suspend the licences of any Nigerian bank involved  in Forex Malpractices.

Given the recent occurrences in the market, the CBN has decided to closely survey all financial markets and to investigate all banks in Nigeria, with a view to suspending at least for a year, the Forex operations license of any bank found culpable in the current investigation.

According to Nnaji, CBN had directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers.

He further ordered all commercial banks to publish the names and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange, on their respective websites.

The Director has however announced that plans are underway to pump extra dollars into approved banks in the country in order to increase the economy’s foreign exchange supply.

Kayode Shopekan

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