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Senate panel alleges N30tn forex scam in banks, begins prob


The Senate has begun an investigation into alleged foreign exchange racketeering by commercial banks and importers.

READ – Forex manipulation: EFCC invites more senior CBN officials

The upper chamber of the National Assembly alleged that Nigeria had lost over N30tn to the alleged forex diversion between 2006 and 2017.

The Senate Committee on Customs, Excise and Tariff, on Wednesday, met with commercial banks in the country, asking them to furnish it with evidence that forex, released by the Central Bank of Nigeria to the importers through the banks, was utilised as documented.

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