Thursday, April 13, 2017

Senate to Release Names of Importers, Banks Responsible for Naira Depreciation Againt Dollar

The Nigerian senate has vowed to publish the names of importers and banks involved in a forex fraud amounting to N30tr.

Chairman of the Senate Committee on Customs, Sen. Hope Uzodinma, said this after a meeting with representatives of all commercial banks, the Central Bank of Nigeria (CBN) and Ministry of Finance on Thursday for the second day.


He said the committee had given documents containing names of importers allegedly involved in the act and other details to the commercial banks to study.

“The Senate is worried with the state of our economy and we have decided to investigate the dwindling value of our Naira as well as the state of forex that is affecting the economy negatively.

“We will publish the names of importer and banks involved in this fraudulent act.

“The purpose of giving the banks these documents is for them to go and identify the importers that were their customers and work out ways of returning the un-utilised portion of the foreign exchange allocated to them.

“We have the names of the importers, how much was given to them and other details, which are contained in the documents handed over to the banks,’’ he said.

This is the reason the naira has been depreciating against the dollar since 2016, he alleged.

He added that the committee had given the banks up to May 3, to appear before it after studying and making submissions on the documents given to them.

He said the reason they were given up to three weeks was to give ample time for them to adequately study the documents to avoid excuses.

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