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Forex: Bank CEOs Plan Digital Process To Check Fraud

Agbaje said: The new policy is working well and the banking industry is fully committed to the sale of foreign exchange (forex) to all legitimate customers as directed by the Central Bank of Nigeria (CBN).

The Bankers Committee on Thursday announced that it is planning a digital process to tackle fraudulent transactions on foreign exchange (forex) just as it stated that sales are progressing.

The Central Bank of Nigeria (CBN) recently stopped the sale of forex to Bureau de Change (BDC) operators and asked banks to take charge.

Shortly after the committee’s meeting, the Chief Executive Officer, Guaranty Trust Holding Company Plc, Segun Agbaje, in a virtual media briefing, said banks have stepped up efforts to make FX to legitimate customers.

Agbaje said: The new policy is working well and the banking industry is fully committed to the sale of foreign exchange (forex) to all legitimate customers as directed by the Central Bank of Nigeria (CBN).

“We are looking at digitising the process that will be created by the Nigeria Inter-Bank Settlement System (NIBSS) to enable customers to apply online in addition to encouraging bank customers to credit their cards with cards to ensure smooth transactions.

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“That will give us accountability, address the issues of KYCs and we can curb more abuse because the digital portal will enable banks to share information whilst   fraudulent transactions will be reported to the CBN.”

He said the CBN will not be lenient with any bank caught encouraging fraudulent transactions as the said bank will get strong sanctions.

Managing Director, FCMB, Yemisi Edun, said, the banks are prepared to support the CBN’s initiative and have been attending to customers.

She noted that the banks are looking at encouraging customers to use their banks for transactions while adding that there are available teller points to attend to the demand of customers.

Chief Executive Officer, Access Bank Plc, Herbert Wigwe, warned that banks will exercise due diligence to track fraudulent transactions and urged customers to comply with the guidelines set by the CBN.

On the rehabilitation work on the National Theatre in Iganmu, Lagos, Wigwe said contracts will be awarded in September and that it will be completed and ready for use by December 2022.

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Wigwe also said local contractors will be given priority and support but noted that the local contractors will seek skills from foreign contractors if needed.

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