Forex Scarcity: Banks in Multi-million-dollar Scam Racketeering – Punch

Godwin Emefiele

Commercial banks in Nigeria are raking in millions of dollars from a foreign exchange racketeering fuelled by the acute shortage of hard currency in the economy. In the past several months as the forex scarcity worsens by the day, the bank scam has made many top bank executives multi-millionaires overnight.

Out of about $10m to $25m (depending on the volume of demand by its customers) sold by the CBN to commercial banks in some weeks, illegal profit to the tune of $5m could be made by each of the banks involved in the forex racketeering, selling the dollars to customers at rates of N275 to a USD! Read full on Punch