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CBN to tackle forex fraud

ABUJA (CU)_In late-July, following the monthly Monetary Policy Committee (MPC) meeting in Abuja, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced that the apex bank had decided to entirely cease forex sales to Bureau De Change (BDCs) operators and channel the funds through commercial banks in the country. According to the Governor, the move was in response to concerns that funnelling of $5.7 billion (about N2.346 trillion) annually through BDCs had become unsustainable, while it has also been observed that these providers of currency exchange services illicit financial flows.  

Accordingly, the CBN instructed all commercial bank branches to set up…

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