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Home ยป CBN warns Forex dealers against deliberate attempts to create price distortions
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CBN warns Forex dealers against deliberate attempts to create price distortions

OsunDailyBy OsunDailyJanuary 30, 2024No Comments1 Min Read
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Otukpo robbery: CBN directs banks to open from 8am to 2pm in Benue
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The Central Bank of Nigeria, CBN, has accused Authorised Dealers in the foreign exchange market of reporting inaccurate and misleading information on transactions.

The apex bank warned that such dealers and their customers should desist from such reportage.

This was disclosed by the acting director, financial markets department at the CBN, Aliyu Ashiru, in a circular issued to all the market dealers on Wednesday.

The CBN said that recent investigation has revealed instances of underreporting of transaction rates and the practice of โ€˜second chequesโ€™ on foreign exchange and fixed-income transactions.

The CBN had permitted financial markets transactions to be conducted on a โ€˜willing buyer willing sellerโ€™ basis, by which prices are expected to be quoted and displayed transparently.

The bank accused the many of the dealers of flouting the order with their reportage, thereby causing distortions in the market.

The apex bank described some of the reports as inaccurate and misleading information.

โ€œThis behaviour is not compliant with the ethical standards associated with a sound financial market, and deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation which will not be tolerated and will henceforth face sanctions,โ€ he said.


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Attempts CBN Create dealers deliberate distortions Forex Price Warns
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