Lagos - The Central Bank of Nigeria (CBN) has launched a special investigation into the foreign exchange transactions by banks in its quest to sanitise the foreign exchange market.
The investigation includes a review of the foreign exchange utilisation at the twice-weekly Retail Dutch Auction System (RDAS) and interbank market, reports New Telegraph.
The probe, which is expected to focus on the period between January and May 2014, is expected to determine whether the foreign exchange purchased during this period was utilised for eligible transactions as presented by the banks.
Read more at New Telegraph.
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