Violators of Forex Guidelines will Face Consequences – Cardoso
The Central Bank of Nigeria (CBN) governor, Mr Olayemi Cardoso, has said that the apex bank is currently working in collaboration with law enforcement agencies to tackle the infractions and manipulations going on in the Forex market.
Cardoso made this known during the press briefing on Tuesday after the Monetary Policy Committee (MPC) meeting held on Monday and Tuesday in Abuja.
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According to him, “what we are doing at the moment is a collaboration between the CBN and law enforcement agencies to ensure that we understand better what is going on in the market and where these infractions are taking place and are speedily dealt with.
“Now I must say that as far as CBN is concerned, we are moving to a very aggressive regulatory environment where those policies and regulations must be complied with.
“People will have to comply and those that do not, will face the consequences for not doing so. As we look at what has happened in the past, I can assure you that a very thorough exercise is going on to identify what needs to be done.
“In the meantime, we are going to continue to make the market more liquid and to ensure that those who are genuine and really want to abide by the rules and regulations that have been set by the CBN will be free to do so. Those who do not should be ready to face the consequences,” he said.
