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Nigerian banks : Senate uncovers N30 trillion forex diversion
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Nigerian banks : Senate uncovers N30 trillion forex diversion

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Chairman, Senate Committee on Customs and Excise Duties, Hope Uzodinma, has said that its Committee has discovered high level manipulation of foreign exchange to the tune of N30 trillion purchase on behalf of importers by Nigeria Banks.

He revealed this after his Committee meeting in Abuja, noting that all banks were involved in the purchase of hard currencies on behalf of importers which were never utilized.

The investigation which follows Senate’s nod at the plenary three weeks ago, indicated that ‘FORM M’, designed by the Nigeria Customs and Excise Duties for importation of goods have been used to manipulate foreign exchanges.

Uzodinma added that huge sums of money have been illegally wired out of the country through the manipulative means, a situation he said has led to scarcity of FOREX in the country.

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