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CBN moves to check forex abuse in banks
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CBN moves to check forex abuse in banks

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The Central Bank of Nigeria (CBN) has deployed mystery shoppers to commercial banks to guard against foreign exchange abuse by the lenders.


The CBN, Fidelity Bank Plc Managing Director Nnamdi Okonkwo said yesterday, is particular about ensuring that banks disburse funds meant for Business Travel Allowances (BTAs) and Personal Travel Allowances (PTAs), and school fees payment abroad to genuine foreign exchange end-users.
Many of the lenders, it was learnt, were are aware of the moves by the apex bank to punish any operator that violates the new forex rules.
The CBN has in the past two weeks pumped $1.2 billion into the foreign exchange market to stem liquidity challenges faced by businesses and individuals. Last Thursday, the regulator pumped $170 million into the foreign exchange market, as foreign reserves hit $30 billion. The bank offered $100,000,000 as wholesale interventions.

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