Nigeria cbank closely monitors forex transactions

The Central Bank of Nigeria (CBN) has intensified its monitoring of the interbank foreign exchange market with a view to unraveling the cause of the unusual high demand for foreign exchange.

Expressing concern over the ridiculous demand for forex which apparently crashed the naira to an ignoble N110 to dollar at the weekend, the CBN said it had to closely monitor the market to ensure that banks and other end-users of forex who engage in malpractices were fished out and appropriately sanctioned