CBN threatens to Prosecute Forex Policy Defaulters

Banks have warned that defaulters of the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria.

The banks in emails to their customers said that defaulters of the new FX foreign exchange policy may face sanctions such as being barred from accessing FX from the official FX market, restrictions on their bank accounts as may be determined by the CBN as well as criminal prosecution.

The banks added that customers could only apply for PTA and BTA once every quarter, and were liable to $4,000 and $5,000 per quarter per applicant respectively

CC: PUNCH

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