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CBN queries banks over inaccurate data on FOREX
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CBN queries banks over inaccurate data on FOREX

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The Central Bank of Nigeria (CBN) has revealed that some Deposit Money Banks (DMB) were issued que­ries for misleading the apex bank by furnishing her with inaccurate data on their foreign exchange transaction to end users.

The apex bank made this known yesterday in a state­ment by the Acting Direc­tor of Communication, Mr Isaac Okorafor, in which he made clarifications on the alleged wrong FOREX pur­chase figures from banks under the new CBN 60-40 FOREX policy.

According to Okorafor, some DMBs forwarded inaccurate data, which he said, were erroneously pub­lished, giving a wrong im­pression of disparate rates.

“Since the introduction of the new FOREX Policy in 2016, we have published, monthly, the evidence of sale from DMBs, as re­ceived from the banks and without any alteration by us in the spirit of transpar­ency.

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