CBN probes banks’ sales of forex to fuel importers – The Guardian
August 6, 2009 by Bunmi Awolusi
In line with its mandate, the Central Bank of Nigeria (CBN) may have stipulated a fresh monitoring regime for banks’ foreign exchange sales to importers of petroleum products (PMS only), starting with the period August 2008 to July 31, 2009.
A circular to all authorised dealers posted on its website and signed by its Acting Director, Trade and Exchange Department, Batari Musa, stated that, “this is to request all authorised dealers to render returns on forex sales to importers of petroleum products (PMS only) for the period of August 2008 to July 31, 2009.”
It stipulated that the returns should be on monthly basis, using a format that includes serial number, name of bank, name of customer, form ‘M’ mode of payment, amount and exchange rate used for the transaction.
