Nigerian Banks Committing Forex Malpractices Lands Into Trouble As CNB Fishes Them Out

The Central Bank of Nigeria, CBN, has issued a statement stating that its forex transaction processes are transparent and without fault or favoritism.

There had been reports that some banks were using a different forex exchange rates for forex end-users, in connivance with officials of the CBN.

“Since the introduction of the new forex Policy in 2016, we have published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency," it said.

It however added that it has observed that some DMBs forwarded inaccurate data, which were erroneously published and gave a wrong impression of disparate rates.

“The DMBs involved in providing inaccurate data have since been issued queries accordingly. Some have returned a response indicating that some of the figures were related to formatting errors, which do not affect the true rates of the affected transactions.

CBN didn't name the defaulters.

The statement was signed by CBN spokesman, Charles Okafor.

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