The Governor of the Central Bank of Nigeria, Olayemi Cardozo, has warned financial institutions sternly, saying that those who violate the new Nigerian Foreign Exchange cODE will be severely punished.
Speaking on Tuesday at the launch of the foreign exchange regulations at the central bank headquarters in Abuja, Cardozo stressed the importance of the framework in restoring trust and transparency in the country’s foreign trade.
The FX Regulation represents a comprehensive and effective framework designed to address past abuses and irregularities in the FX sector.
The governor said these practices seriously undermine the financial system’s integrity, create privilege for the few and undermine public confidence.
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“I repeat: the time for action is very short,” Cardozo said. “We will not hesitate to take action against any institution or person that undermines the integrity of our financial institutions,” he said.
Cardozo announced that the verification of the $7 billion foreign exchange gain took more than 12 months and is now complete.
The President noted that the audit revealed many unethical and illegal practices and noted that the banking sector is determined to combat such practices in the future.
He assured stakeholders that the final solution to the withdrawal issue will be completed as soon as possible and said that this is an important step in resolving past problems in the foreign trade sector.
The Central Bank Governor said, “We cannot forget where we came from.” The multiple exchange rate period has been devastating for the majority of Nigerians, beneficial for a few and has caused significant damage to the economy.
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“For example, it took over 12 months to verify the $7 billion in foreign exchange refunds, resulting in many irregularities and even violations of laws that we as a country should not boast about since the evidence of the current investigations is complete and the final solution will be resolved accordingly.
