General, Government Policies & Politics

FG To Probe Those Behind Forex Malpractices

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The Federal Government is ready to investigate and prosecute any person suspected to have engaged in round-tripping, among other malpractices in the foreign exchange markets.

The Attorney General of the Federation (AGF), Abubakar Malami (SAN) made this known in a news briefing in Abuja on Wednesday. He said he has directed the Economic and Financial Crimes Commission () to investigate and confirm information available to government on the nefarious activities of persons and banks involved in such practices within and outside the country.

He said this illicit attitude by unscrupulous individuals and institutions will no longer be condoned, measures are already in place to deal with the infractions decisively and relevant security agencies are on the red alert to investigate these infractions and appropriate sanctions shall follow accordingly.

Malami further stated that the government had done its investigation and has proof, what is left is for the commence probe and investigation of all indicted persons and institution that had illicitly profiteered from the wide spread between the official rate of the dollar and the rate

There is still manipulation and coordinated speculative activities in the foreign exchange market leading to the current wide differential between the official rate at the of Nigeria and the rate in a manner that defies rational economic analysis,” he said.

Some of the offences alleged to have been committed by these institutions and individuals include forex round-tripping, rendition of false forex utilisation data, non-repatriation of export proceeds, use of forex for non-eligible purposes, consumption of forex transactions with inadequate, expired and or forged documents, and failure to report forex end users who default in the submission of required documents, amongst others.

While assuring the public that the government would continue to provide a sustainable platform for the to thrive in Nigeria, Malami appealed to all Nigerians to support government’s efforts in sanitising and stabilising the for the good of all.

 

 

 

 

Source: Thisday

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