By Emma Ujah, Abuja Bureau Chief
Following the restrictions placed on importers of rice and other non-essential items from accessing foreign exchange from the nation’s foreign exchange market by the Central bank of Nigeria, CBN, the organization has revealed an on-going massive smuggling of foreign currencies out of the country through her bodies.

The apex bank which made the revelation of the unwholesome practice to frustrate the latest policy to conserve foreign exchange in the country said that it has taken steps, working with other agencies of the federal government, to stop the illegality and punish those involved.

“The apex bank has noted the unwholesome practice of movements of huge foreign currency cash across Nigerian borders by individuals and corporate bodies without compliance to extant law of declaration to the appropriate authorities. The Bank is already collaborating with other relevant agencies of government to ensure compliance to the provisions of the law”, CBN said in a statement.

The bank also clarified that importers of the classified items could not access foreign exchange from any of the segments of the foreign exchange.

According to a statement by the Director of Trade and Exchange, Mr. Olakanmi Gbadamosi, Bureaux de Change operators could sell foreign exchange worth $5, 000 per transaction but only for specific payments.

Transactions captured in that category were: Business Travel/Personal Travel Allowance; monthly mortgage payment; school fees abroad; credit card payment; utility bills; and life insurance premium payment.

Ends