CBN to sanction Forex dealers

In from Ali Smart…

The Central Bank of Nigeria (CBN) has charged all authorised dealers not to use funds from the interbank, exports proceeds and bureau de change sources to finance items classified as “Not Valid for Forex.”

Any authorised dealer that violates this directive the CBN said “shall be sanctioned appropriately.”

A circular issued by the CBN and signed by Olakanmi Gbadamosi, Director Trade and Exchange Department of CBN reiterated that those items which have already been classified as “Not Valid for Forex” cannot be funded at the interbank, from proceeds of exports and Bureaus de Change sources.

Read Also: No more forex for rice, private jets -CBN

It would be recalled that exactly a week ago the CBN had issued a circular informing authorised dealers and the general public that some items had been declared “Not Valid for Forex” with a veiled threat that more items may be added onto the list as the CBN deems appropriate.

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