FOREX: CBN Clamp Down On Blackmarketeers

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In compliance with CBN directives, ten Nigerian banks have revealed the names of customers buying cheap dollars to likely resell at the black market.

In a circular in July 2021, CBN had directed banks to publicize the identities of persons who engage in such behaviour and to restrict them from obtaining currency in the future.

The huge gap between the black market and the official rate has further created a market for some black marketeers to profit in them at the expense of genuine marketers.

The widening difference between the black market and official rates has worsened the forex fraud, as banks publish more names of Nigerians attempting to cheat the system in an attempt to make more money.

As at present, the dollar exchanged for N416 at the official market and N575 at the black market translating to a gap of over N159.

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