Abuja, Jan. 17, 2024 – The Central Bank of Nigeria will start prosecuting defaulters of foreign exchange rules.
Mrs. Sidi Ali, the CBN Acting Director of Communication, disclosed in a statement in Abuja on Wednesday.
Sidi said that a recent independent forensic review by a reputable firm into look into the forex exchange issues in the country, revealed grave infractions, gross abuse, and significant non-compliance with market regulations .
She said that appropriate sanctions would, henceforth, be enforced in collaboration with relevant agencies.
The acting director said Nigeria had nearly $7 billion in forex forwards that had matured and which had become a major concern for investors.
She promised that the CBN would pay up to boost confidence in the foreign exchange markets
Sidi also said the CBN would continue to settle the legitimate foreign exchange backlog as it had been consistently doing in the last three months. (GBN)
