The Economic and Financial Crimes Commission has warned banks against providing foreign exchange (forex) to customers who have no intention of travelling outside Nigeria.
The EFCC also stated that documents provided by customers seeking forex should be verified.
The Commander of the Uyo Zonal Command of the EFCC, Nwanneka Nwokike, said this on Wednesday, September 8, 2021, when he met with Chief Compliance Officers of banks in the zone.
According to a statement titled, ‘EFCC Cautions Banks Against Forex Malpractices,’ Nwokike said indications have emerged that some bank customers present fake travel documents including false flight bookings to obtain foreign exchange.
He said the anti-graft agency under the leadership of EFCC Chairman, Abdulrasheed Bawa, has vowed to clamp down on forex offenders, be they bank officials or customers.
“Always report Bank officials who collude with criminal elements to collect foreign exchange. There are very strong indications that it is happening; go back and sensitise your staff, to ensure that they always do the right thing because ‘doing the right thing’ has become the new normal; therefore, proper verification of documents presented by customers for forex must be done. Again, the Commission will not entertain excuses, and will no longer look away when Banks fail to do their due diligence,” Nwokike said.
While responding to the issue of customers who book foreign flights and cancel after collecting foreign exchange from banks, the Deputy Zonal Commander ACE II Hamidu S. Bawa instructed the Compliance Officers to report such customers to the Commission.
“When you observe such offenders, report them to the Commission and provide their BVN along, because after now, the liability will be on you and I’m sure you don’t want that to happen,” he said.
Naira hits all-time low of 543 against dollar
The naira on Thursday continued its downward spiral on the parallel market, selling for N543 to the dollar on Thursday, The PUNCH has learnt.
While bureau de change operators in Abuja bought dollar at N540, it was sold for N543.
The British Pound was also sold for £1/N740.
The development comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On July 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.
Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said.
The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe, had stated on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.
Similarly, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Mr Bismarck Rewane, said the naira would rise in the parallel market towards 490-495 against the dollar in August/September.
The PUNCH, however, reports that since the CBN’s latest Forex policy began in late June, the highest the naira has reached on the parallel market is N504/$1.
