- The Central Bank of Nigeria has threatened to sanction banks involved in illegal forex transactions
- The CBN stated that it would conduct surprise visits to banks accused of engaging in the unauthorized sale of dollars
- The apex bank said it would also carry out a name and shame of commercial banks involved in such malpractices
The Central Bank of Nigeria (CBN) has issued a warning regarding potential repercussions for financial institutions involved in illegal sale of dollars or unauthorized forex transactions.
The warning follows the unfortunate decline of the Nigerian currency, the naira, against the dollar both on official and unofficial markets.
