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CBN warns bank CEO’s over forex

The Central Bank of Nigeria has warned that Bank chiefs caught frustrating efforts by the apex bank at getting more dollars to end-users, risk severe punishment.

The warning came on the backdrop of reports that lenders are setting difficult hurdles for foreign exchange to end-users wanting to make purchases for Business Travel Allowances, Personal Travel Allowances, tuition payment abroad and medical bills.

CBN spokesman, Isaac Okorafor confirmed that the regulator had received complaints from customers over frustrations which they were meant to go through in getting foreign exchange for invisible items.

He therefore warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end-users.

He urged the general public to report to it any bank that fails to meet customers’ needs after due documentation and reiterated the regulator’s determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise.

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