• CBN to punish banks for illegal forex transactions

    CBN to punish banks for illegal forex transactions

    Banks were yesterday hit with allegations of round tripping.

    Acting Director, Trade & Exchange, W.D. Gotring, in a circular to authorised dealers titled: Re: Transactions in ‘Free Funds’ by Authorised Dealers’,  accused banks of buying and selling forex without following stipulated guidelines.

    “The CBN has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as ‘free funds’ despite the provision of the circular of March 4, 2004 on the subject,” he said.

    He cautioned the lenders that […]