In Line with CBN’s Directive, Nigerian Banks Expose Clients with Suspicious Dollar Transactions – Arise News

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In line with the resolve of the Central Bank of Nigeria (CBN) to halt a regime of arbitrage in the foreign exchange market, some Nigerian banks have started exposing the identities of customers, who allegedly obtained dollars by false pretence, and traded them at a profit in the parallel market.

This is coming as the aggregate broad money supply, M3 Money, which represents the amount of money circulating in the economy, rose to N44.56 trillion in January, representing a 1.70 per cent growth year-to-date, a report by the CBN, has shown.

Some bank customers have been taking advantage of the lucrative 37 per cent differential between the official and black market exchange rates by obtaining the dollar at the official rate of about N416, only to subsequently sell in the unauthorised market at a more expensive average rate of about N570.

These customers can beat regulations by presenting false travel documents, prompting the…

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