CBN beams searchlight on individuals, companies over forex malpractices

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Worried about terrorism financing and money laundering, as well as to make sure that Nigeria’s foreign exchange (forex) resources are properly tracked and used for the importation of priority goods, the Central Bank of Nigeria (CBN) has commenced closer investigations of over 100 companies and individuals over forex malpractices.

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, had in late August disclosed that the bank was determined to address the issue of forex non-repatriation in Nigeria.

Also, as part of its effort to increase foreign exchange liquidity in the country, the CBN  directed all banks in the country to submit the names, addresses and Bank Verification…



Source: Nigerian Tribune