Reps begin probe of $30billion forex leakages
The House of Representatives has resolved to investigate companies manipulating Central Bank of Nigeria foreign exchange regime.
Leading the debate, Faleke said, “In the process of our revenue monitoring in the past three weeks, we discovered many issues. Every company has the liberty to apply for forex for importation of equipment or whatever they need in order to continue with their businesses. At the point of applying for forex, some of them use performance invoice.
“Some companies take forex from CBN and invest in shares of US stock market, they take forex at our official rate and invest on some foreign economies that are not related to Nigeria. It’s like capital flight. We need to block and expose them.”
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