COURT FREEZES 65 ACCOUNTS FOR FOREX MANIPULATION

Written by on August 24, 2020

A COURT HAS GRANTED THE REQUEST BY THE CENTRAL BANK OF NIGERIA (CBN) TO FREEZE 65 BANK ACCOUNTS LINKED TO 12 FIRMS AND A MAN.

THEY ARE SUSPECTED TO BE INVOLVED IN THE MANIPULATION OF THE FOREIGN EXCHANGE MARKET.

JUSTICE AHMED MOHAMMED OF THE FEDERAL HIGH COURT, SITTING IN ABUJA, GAVE THE ORDER WHILE RULING ON A MOTION EX-PARTE FILED BY CBN GOVERNOR GODWIN EMEFIELE AND ARGUED BY FORMER ATTORNEY-GENERAL OF THE FEDERATION (AGF) AND MINISTER OF JUSTICE, MIKE AONDOAKAA (SAN).

JUSTICE MOHAMED IN THE RULING GRANTED THE CBN 90 DAYS, IN THE FIRST INSTANCE, TO INVESTIGATE THE ACTIVITIES OF THE FIRMS, WHO THE CBN GOVERNOR ALLEGED WERE INVOLVED IN THE IMPORTATION OF GOODS NOT ELIGIBLE FOR FOREIGN EXCHANGE.

THE CBN GOVERNOR FURTHER ALLEGED THAT THE ACTIVITIES OF THE FIRMS AND AN INDIVIDUAL IDENTIFIED AS ADEKUNLE OLUSOLA ALONGE, ARE “THE CAUSE OF THE CURRENT VOLATILITY AND IMBALANCE IN THE FOREIGN EXCHANGE REGIME IN NIGERIA WITH THE ATTENDANT NEGATIVE IMPACT ON THE ECONOMY.”


Reader's opinions

Leave a Reply

Your email address will not be published. Required fields are marked *



Current track

Title

Artist

Background