- - President Muhammadu Buhari has warned banks, importers and individuals against round-tripping of dollars they buy from the Central Bank of Nigeria’s (CBN).
- - Forex round-tripping or arbitrage refers to a process whereby funds obtained from the official forex market are diverted to other markets and sold at a higher rate by forex dealer, banks to end users.
- - He also warned that if any bank is caught in the act, it is not just the institution that would be penalised; its management would also be severely punished.
- - The CBN Governor, Mr. Godwin Ifeanyi Emefiele, recently said the central bank was on the lookout to penalise banks found in such unhealthy practice.
CULLED FROM THISDAY
No comments:
Post a Comment