CBN queries banks over inaccurate FX utilisation publication

The Central Bank of Nigeria (CBN) yesterday disclosed that it recently queried some commercial banks that forwarded inaccurate data on their returns on foreign exchange (FX) utilization, which it had erroneously published. The acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, in a statement said the clarification became necessary following media reports alleging irregularities in the rates at which FX was obtained by some individuals and companies from different banks under the new FX policy by the CBN which prioritises FX sales to manufacturers, agriculture, plant and machinery, critical raw materials, among others.