Central Bank of Nigeria ( CBN) Threatens to suspend FX operating License of Banks Involved in Forex

As the recent economic downturn continues to increase all As the result of devaluation of Nigerian Naira against US Dollar and purchasing Forex Exchange among some unscrupulous people, the Central Bank of Nigeria in it's effort to minimize and reduce the scarcity of US Dollar among the People especially the Bureaux de Change (BDC), so as to increase the Supply of the demands, also It can be recalled that recently the Economic Financial Crimes Commission of Nigeria has warned the Nigerian Commercial Banks regarding selling of FX exchange to fraudulent people, while at the same time the Central Bank of Nigeria has instructed all the Commercial Banks to publish the names and Bank Verification Numbers of Forex Defaulters. But it seems that not much  progress is obtained. Therefore the CBN further expressed, as contained in the letter addressed to All the commercial banks.