2004-11-17 | TED/AD/136/2004

Resurgence of Foreign Exchange Malpractices

The Central Bank of Nigeria has obtained information on the resurgence of foreign exchange malpractices among Authorised Dealers. These activities include dealing in outlawed "free funds" markets and spurious demand for forex. The bank will impose sanctions, including license withdrawal and blacklisting of CEOs. Authorized Dealers are advised to fully adhere to regulations and refrain from any foreign exchange malpractices.

Nigeria

Central Bank of Nigeria

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