February 29, 2024
CBN Moves To Prosecute Forex Defaulters
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CBN Moves To Prosecute Forex Defaulters

The Central Bank of Nigeria (CBN) says it is set to prosecute forex defaulters across the country.

This comes after the apex bank had commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

In a statement yesterday, the CBN’s Acting Director of Communication, Mrs. Sidi Ali, said the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations.

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According to her, appropriate sanctions would be enforced in collaboration with relevant agencies.

She also said the CBN, in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

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