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CBN, EFCC meet to tackle violations of forex restriction on 42 items

By Babajide Komolafe

Officials of the  Central Bank of Nigeria (CBN) and the  Economic and Financial Crimes Commission (EFCC)  met yesterday with the aim of strengthening the country’s fight against economic crimes including violation of the foreign exchange restrictions on the 42 items.


The meeting, which took place at the Head Office of the CBN in Abuja, provided an opportunity for the two entities to share experiences and peculiar challenges in the fight against economic-related crimes.

CBN’s Director of Communications, Isaac Okorafor, disclosed this saying the  two agencies  adopted  strategies aimed at curtailing the unwholesome activities  of economic saboteurs which include  smuggling of commodities like rice, textile  materials, fertilizer, wheat  and other items  on the prohibition list for accessing foreign exchange through official window, as well as tracking illicit financial flows.

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Other areas which the two agencies are collaborating include anti-money laundry and the monitoring of politically exposed persons in the country.

The inter-agency meeting,  chaired by the Director, Governors’ Department of the CBN, Mr Jeremiah  Abue,  also agreed to improve the level of information-sharing and surveillance of the financial sector.

It would be recalled that the CBN under the auspices of the Bankers’ Committee had said that any individual or corporate body found complicit in economic crime or attempts to circumvent economic laws and regulations of the country may be barred from operating a bank account in any bank in Nigeria.

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