Senate panel alleges N30tn forex scam in banks, begins probe

Uzodinma said, “The committee started investigation and took time to enter into the import and export value share and we have been able to identify, supposedly, areas of leakages and malpractices ranging from unutilised, abandoned and partially utilised ‘Form M’; abandoned assessment of Customs duties and foreign exchange allocation manipulation.

“We are talking about monies in a region of over N30tn and we have been able to give all this information to the commercial banks, who purchased the foreign exchange on behalf of the importers, to go home and come back with evidence of utilisation of the forex, failure which they will be compelled to refund those foreign currencies they bought from the Central Bank of Nigeria or interbank, supposedly to be used for imports.”

He said, “The foreign exchange utilisation manual prepared by the Central Bank of Nigeria as a regulation guiding import and export has entrusted with commercial banks this quantum of responsibilities because they purchase this money (forex) on behalf of the importers.

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