L
LequteMan
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Two commercial banks in Nigeria are being investigated by the Central Bank of Nigeria (CBN) for foreign exchange malpractices, Vanguard says.
The two Tier 2 banks are reportedly being scrutinized for unbridled sale of foreign exchange (worth millions) to BDCs related to the banks per time.
CBN had in a circular released last week banned banks from selling its intervention foreign exchange in the interbank market, or to BDCs.
Vanguard says one of the banks is headquartered in Victoria Island and recently appointed a new Chief Executive Officer while the other, headquartered in Lagos Island, recently celebrated its 30th anniversary.
CBN got wind of these unbridled foreign exchange sales and sent its examiners to investigate the banks as well as impose stiff penalties on them. Investigations also revealed that though the apex bank has not barred the banks from selling foreign exchange to BDCs; they have however stopped doing so.
#Nigeria #CBN #ForeignExchange #Forex
The two Tier 2 banks are reportedly being scrutinized for unbridled sale of foreign exchange (worth millions) to BDCs related to the banks per time.
CBN had in a circular released last week banned banks from selling its intervention foreign exchange in the interbank market, or to BDCs.
Vanguard says one of the banks is headquartered in Victoria Island and recently appointed a new Chief Executive Officer while the other, headquartered in Lagos Island, recently celebrated its 30th anniversary.
CBN got wind of these unbridled foreign exchange sales and sent its examiners to investigate the banks as well as impose stiff penalties on them. Investigations also revealed that though the apex bank has not barred the banks from selling foreign exchange to BDCs; they have however stopped doing so.
#Nigeria #CBN #ForeignExchange #Forex