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The Central Bank of Nigeria (CBN) has issued a warning to commercial banks involved in illegal foreign exchange sales, stating that it will take action against them.
This announcement comes as the value of the naira continues to decline and forex scarcity becomes more severe.
There have been allegations that commercial banks are diverting forex to the unofficial foreign exchange market instead of selling it to their customers.
The acting CBN governor, Folashodun Shonubi, emphasized the need to crack down on these illegal practices and ensure that remittances are channeled through proper means to promote economic growth.
Shonubi also highlighted the shortcomings of the current remittance system, which has high transfer costs.
Despite efforts to encourage individuals to use formal market transactions, such as the Naira 4 Dollar scheme,
Shonubi acknowledged that more incentives may be needed to attract people to the formal market.
This article was updated 10 months ago
