CBN uncovers ‘irregularities’ in unpaid FX forward contracts, culprits to be sanctioned
[NigerianEye - Nigeria] - 8/08/2025
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 exchange requests, use of incorrect or blank Form M submissions, and approvals for non-permissible imports. The bank said it is reviewing appropriate legal (…)
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