NIGERIA’S CENTRAL BANK, is initiating probe into foreign currencies transactions by dealers, for the purpose of importing items designated invalid for Nigerian foreign exchange market.
Justice Muslim Hassan of Lagos Federal High Court, by an ex parte application, by Godwin Emefiele, Central Bank Governor, Monday, ordered the Bank Accounts of the suspects, Raufu Folashade, Yusufu Ali, Ali Yusufu and Ali Yusufu; be frozen for 180 days, to enable investigation be carried by the CBN on the Accounts.
Emefiele’s Counsel, Adekola Mustapha, told the court that the illegal activities of the dealers had continually undermined the CBN’s “efforts to maintain a stable foreign exchange regime, which causes significant economic and financial instability to the Nigerian economy.”
Adekola Mustapha, further stated that there was urgent need to freeze the four Bank Accounts as “there is a strong probability that the respondents may tamper with the funds currently in their various bank accounts, which are strongly connected to or being strongly suspected to be proceeds of the serious infractions of the foreign exchange market regulations.”
Afolabi Oyelodun’s supporting affidavit to the ex parte application, on behalf of Mustapha, stated that “preliminary investigation revealed that the respondents applied the foreign exchange obtained from the CBN, through their various Bank Accounts, to fund transactions in some prohibited items, leading to serious infractions and violation of the CBN circular, TED/FEM/GEN/01/010 of June 23, 2015”
“The activities of the respondents now under investigation constitute serious risk to the financial stability of the foreign exchange market and the economy at large”, CBN stated.