WE WILL EXPOSE BANKS TRADING IN ILLEGAL FOREX - CBN

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The Central Bank of Nigeria (CBN), in responding to the recent sharp fall of the naira to over ₦950/$ in the parallel market, coupled with an exacerbating scarcity of foreign exchange, has issued a strict warning to commercial banks involved in the unlawful trading of foreign exchange across the country.

Allegations have been making waves that certain commercial banks have been diverting foreign exchange away from legitimate channels and channeling them into the unofficial foreign exchange market.


The acting Governor of CBN, Folashodun Shonubi, delivered these crucial remarks during a lecture entitled "Diaspora Remittances and Nigerian Economic Development" in Abuja. He highlighted the urgency of enforcing strict measures to fight and curb the illicit remittances to ensure that funds are directed and channeled through proper avenues to bolster economic growth.

Shonubi, unequivocally, declared "We will not hesitate to expose and condemn the commercial banks engaged in such illicit practices," 

However, Shonubi highlighted the shortcomings of the existing remittance system. He pointed out that the cost of transferring money from the diaspora to Sub-Saharan Africa stands at approximately 9 percent of every $100, a figure he deemed excessively high and unparalleled globally.

Despite the challenges posed by informal channels, Nigeria has still managed to attract a substantial amount of remittances, with a staggering $16.7 billion influx. However, a significant portion of these funds bypasses the official foreign exchange market.

Shonubi stressed by saying "We are vigorously striving to incentivise individuals to route their funds through formal channels, steering clear of the convoluted informal avenues."

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