CBN closes undelivered FX contracts investigation, refunds naira for invalid deals

CBN Threatens to Challenge Shady FX Claims in Court

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has said it would not pay for any shady or fraudulent foreign exchange (FX) deals that did not meet its rules, following the completion of a detailed audit into several FX forward contracts.  The apex bank in a document titled Frequently Asked Questions on the Settlement […]

CBN uncovers ‘irregularities’ in unpaid FX forward contracts, culprits to be sanctioned

The Central Bank of Nigeria says it has uncovered extensive irregularities in the unpaid foreign exchange (FX) forward contracts under probe.   In a document, titled ‘Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts’, the regulator said some of the irregularities include mismatches in beneficiary identities.   Others, according to the document published on CBN’s website on Thursday, are exaggerated foreign exch…

CBN Cancels Invalid FX Contracts, Begins Legal Action Against Violators

The Central Bank of Nigeria (CBN) has announced the cancellation of multiple foreign exchange forward contracts deemed invalid following the conclusion of a comprehensive forensic audit. The apex bank also confirmed it will commence legal action against entities found to have violated foreign exchange regulations. The development was disclosed in an official document titled “Frequently […] The post CBN Cancels Invalid FX Contracts, Begins Legal …

CBN to Take Legal Action Against FX Contract Defaulters Post-Audit - Economi Confidential

CBN to Take Legal Action Against FX Contract Defaulters Post-Audit   The Central Bank of Nigeria (CBN) has disclosed that it is considering legal actions against the violators of the foreign exchange forward contracts after the completion of a forensic audit of those contracts. CBN indicated this on Thursday in a document titled ‘Frequently Asked […] The post CBN to Take Legal Action Against FX Contract Defaulters Post-Audit appeared first on Ec…

CBN Warns Of Possible Legal Action Against FX Contract Breaches After Audit

The Central Bank of Nigeria (CBN) has indicated that it may take legal action against parties found to have violated the terms of foreign exchange (FX) contracts, following the conclusion of an extensive audit of such transactions. The move comes amid the apex bank’s intensified efforts to ensure transparency, compliance, and stability in the country’s [...] Source from InfoStride News

FX Market Abuse: CBN Bars Banks, Other Stakeholders From Appealing Forensic Audit Report Findings

…Says Findings Uncover Significant Irregularities In Execution Of FX Forward Contracts …To Take Legal Action Against Violators Of FX Forward Contracts The Central Bank of Nigeria (CBN) has barred commercial banks and other market stakeholders from appealing the findings of a recent forensic audit into undelivered foreign exchange (FX) forward contracts. The apex bank said the audit uncovered significant irregularities in the execution of these c…