The Central Bank of Nigeria is watching closely the activities of top officials of commercial banks allegedly involved in illegal foreign exchange transactions.

This, industry sources said, were being carried out through some insider-related forex dealings.

It was further learnt that aside this, top commercial bankers were involved in other illegal forex practices. While the investigation is still ongoing, it was learnt that the apex bank management was determined to wield the big stick against culprits caught in any sharp practice.

CBN targets top bankers in forex manipulation investigation – Punch Newspapers

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, could not be reached for immediate comment. The CBN spokesman had last week said the regulator was monitoring bankers over the SME forex window.

Competition Commission Forex manipulation investigation | AtoZForex

He vowed that the bank would take necessary action and apply sanctions on errant institutions, where necessary. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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Published April 24, April 24, Oyetunji Abioye The Central Bank of Nigeria is watching closely the activities of top officials of commercial banks allegedly involved in illegal foreign exchange transactions. Download the Punch e-Paper here.