Nigeria In One Minute
CBN, EFCC to punish forex policy violators
SANCTIONS await banks, their customers and businesses that abuse the Central Bank of Nigeria’s (CBN’s) policy restricting foreign exchange (forex) allocation to 41 items.
Culprits are to be investigated and sanctioned, the apex bank said yesterday through its Director, Financial Policy & Regulation Department, Kelvin Amugo.
The investigation will be carried out by the Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC), Amugo said in a letter to all banks.
As part of its developmental objective on employment generation and inclusive growth, the CBN had on July 1, 2015, stopped foreign exchange allocation to the importation of 41 items, which could be produced locally.
The Nation, December 11, 2018
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