forex

 

The chief executives of deposit money banks in the country have warned customers against using fraudulent methods to get access to foreign exchange from banks, saying those caught perpetrating such acts would be prosecuted.

Some of the fraudulent activities observed by the executives include using expired travel tickets and fake passports in a bid to procure forex.

The banks’ warning comes amid complaints by some customers who lamented that they continued to experience difficulty in accessing forex from banks, forcing them to resort to Bureaux de Change.

The Central Bank of Nigeria had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.

The CBN Governor, Mr Godwin Emefiele, said the apex bank would channel a significant portion of its weekly allocation meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

Financial Derivatives Company Limited had last week described the documentation process required by banks for the sale of foreign exchange as cumbersome, saying this would pose a challenge to the public.

Banks’ chief executives, at a press briefing held after the Bankers’ Committee meeting on Thursday, said they had been attending to customers requesting forex through their teller points.

 

Punch