BusinessForex New Policy Violators Will Face Sanctions, CBN Warns

Forex New Policy Violators Will Face Sanctions, CBN Warns

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August 12, (THEWILL) – The Central Bank of Nigeria (CBN) says it will impose stiff sanctions on individuals and corporate bodies, including banks, that violate the newly introduced foreign exchange policy.

It also disclosed that the forex process has been digitised to guarantee transparency and allow banks to offer seamless service to their customers in order to maximise the benefits of the policy.

The apex bank made these disclosures at a Press Briefing at the end of the 357th Bankers Committee meeting held virtually on Thursday which THEWILL attended.

According to the bank chief executives who took turns to brief the media representatives, the CBN in conjunction with the deposit money banks have put systems in place to track infractions by bank customers and bank officials in the forex process.

According to the Managing Director of First City Monument Bank (FCMB), Yemisi Edun, there have been reports of fraudulent activities by some customers who feign need for Forex.

She said, “We’re using digital means to detect fraudulent activities. We noticed people coming with airline tickets and going back to cancel the tickets after they have been given Forex.”

Also, the Group Managing Director (GMD) of Guaranty Trust Holding Company (GTCO), Segun Agbaje added that the new Forex policy is for people that have genuine needs.

He noted that those who defraud the system will be punished.

“The whole idea is to ensure that you don’t defraud the bank. If you defraud the system, the likely punishment is that your account will be PMDied (blocked) and if you know what it means for your account to be PMDied,” he warned.

He noted that the sanctions are not limited to customers but banks who flout the rules.

“You know the CBN very well. If you contravene, you will be sanctioned. The bank themselves and bank staff have a responsibility. The EDs of banks have the responsibility to make sure it works,” he disclosed.

Agbaje further stated that in order to improve customer experience and check fraud, the process will be digitised.

He added that the Nigeria Inter-Bank Settlement System (NIBBS) is working on an app that will enable the digitisation of the process.

The GMD/CEO of Access Bank, Herbert Wigwe, announced that the CBN will speed up the rehabilitation of the National Art Theatre in Lagos.

He said that the CBN and the Bankers Committee will ensure that the job which will commence in September 2021 is concluded within the target period of December 2022.

He said the facility, when completed, will offer opportunities to Nigerian youth to showcase their talents in music, entertainment and other areas of creative arts.

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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