The current CBN Governor is usually not one to hold his peace when it comes to matters involving monetary policy. Lately he has been lamenting about the unaccountable use of forex by BDC’s in Nigeria.
This has now lead the CBN to issue a new set of directives in the forex department including the suspension of WDAS and subsequent switch to RDAS.
But that is not all. He went further to lament that Nigeria is now the highest importer of forex.
He said people that took foreign exchange from banks and cannot show what the funds were used for, are engaging in money laundering and will face the law. “If you take money above the limit and you cannot show what you used it for, then it is money laundering,” he said, adding that Nigeria has overtaken Russia as the highest importer of dollars in the world and the CBN is committed to changing that trend.
Not sure what to make of this or if it is just an angry spark nevertheless it is worth noting!!