CBN to punish banks for forex infractions

The Central Bank of Nigeria on Monday threatened to sanction any Deposit Money Bank found in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies.

This is even as the apex bank sustained its intervention in the various sectors of the inter-bank foreign exchange market with the injection of $545 million. A circular issued by the CBN warned that it would mete out stiff regulatory sanctions to banks that failed to comply fully with the directive by October 13, 2017.

The circular, signed by the Director, Banking Supervision, CBN, Ahmad Abdullahi, stressed that the apex bank would bar errant DMBs from all future CBN foreign exchange interventions.

Photo Caption: CBN LOGO