President Muhammadu Buhari has said that banks, importers and individuals involved in round-tripping of dollars they buy from the Central Bank of Nigeria's (CBN) official market and resell in the ... CBN now to allocate forex to end users A BUJA —The Central Bank of Nigeria, CBN, is now to allocate foreign exchange to end-users, Buhari reportedly sacks Ibrahim Magu as EFCC Chairman The CBN had decided to allocate dollars to licensed money changers through Travelex at about N381 to the dollar, to enable them sell to end users at about N385 per dollar. Forex round-tripping or arbitrage refers to a process whereby funds obtained from the official forex market (at lower rates) and diverted to other markets and sold at a higher rate by forex dealer, banks and end users. President Muhammadu Buhari has said that banks, importers and individuals involved in round-tripping of dollars they buy from the Central Bank of Nigeria’s (CBN) official market and resell in the parallel market will be made to face the law when caught. 12. NIFIs seeking the approval of CBN for the use of The Standardized Approach (TSA) shall show that their Boards are actively involved in the oversight of operational risk management system; the system is conceptually sound and implemented with integrity and must have sufficient resources to support the use of the approach. It is now hoped that other players in the deal, i.e. would play their part and actually use the forex for what it is meant for. Accusations of banks refusing to allocate forex fairly, manufacturers round tripping the forex allocated to them and so on have been flying in the air recently. With this intervention, the CBN must carefully monitor other steps in the process to ensure that the funds ...
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