News
The Central Bank of Nigeria has said it is set to prosecute forex defaulters in the country
The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.
Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets.
READ ALSO: JUST–IN: CBN Sacks MDs, Boards Of Titan Trust, Union Bank, Keystone Bank, Polaris
Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.
According to her, the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and :appropriate sanctions would be enforced in collaboration with relevant agencies”
READ ALSO: Minister Anticipates Exchange Rate Improvement Amidst Ongoing Reforms by President Tinubu and CBN
She also said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Nigeria’s foreign currency shortages have been worsened by declining oil production, which is the country’s largest export, accounting for more than 90 per cent of dollar inflows.
-
Sports7 days agoFA Cup: Man Utd suffer fresh triple injury blow ahead Coventry clash
-
Business6 days agoI met N13bn IGR per month but we are now seeing N27bn – Fubara
-
News7 days agoDespite Apology, ABU Zaria Final-Year Law Student Arrested For Defaming Police Officer On Facebook
-
Politics6 days agoSERAP To Govs, Wike: Account For Trillions Of FAAC Allocations
-
News5 days agoCourt orders Becky Buodeigha alias Becky Minaj, CEO of BM Secrets to pay Baraza N7m
-
Politics7 days ago‘Ondo APC Guber Primary Result already written’ — Aspirant cries out, demands postponement
-
Politics4 days agoEFCC: I am Ready to Appear in Court But Afraid of Arrest – Yahaya Bello
-
Business7 days agoInvest in Bayelsa, Governor Diri tells Elders, leaders of the state
