Business CBN Deploys Spies to Catch Banks 'Defrauding' Nigerians via Forex Sales



The Central Bank of Nigeria (CBN) has deployed mystery shoppers to catch commercial banks who engage in sharp practices as regards sale of foreign exchange to Nigerians.

This is to guard against foreign exchange abuse by the lenders, reports say.

According to Fidelity Bank Plc Managing Director Nnamdi Okonkwo, the CBN is particular about ensuring that banks disburse funds meant for Business Travel Allowances (BTAs) and Personal Travel Allowances (PTAs), and school fees payment abroad to genuine foreign exchange end-users.

Many of the lenders are aware of the moves by the apex bank to punish any operator that violates the new forex rules.


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