Sep 21, · Sources close to the apex bank yesterday confirmed the investigation of many leading companies in key sectors of the economy including healthcare, food manufacturing, agriculture, oil and gas, energy, financial services and trading, among others. This is the largest forex probe Estimated Reading Time: 4 mins May 20, · How the forex scandal happened. By Philip Augar Author and former investment banker. The foreign exchange, or forex, market is a virtual trading place where dealers buy Estimated Reading Time: 5 mins Learn most recent news, work with a financial timetable and use investigation of the main specialists of the binarytrade. The best forex broker is binarytrade, we have excellent trading conditions, as well as instant execution of transactions and quick payments in the way that is convenient for you
Forex scandal - Wikipedia
CBN investigates 71 for suspected forex forex trading investigation — THE Central Bank of Nigeria CBN has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules.
Sources close to the apex bank yesterday confirmed the investigation of forex trading investigation leading companies in key sectors of the economy including healthcare, food manufacturing, agriculture, oil and gas, energy, financial services and trading, among others. This is the largest forex probe in recent period.
The apex bank forex trading investigation August launched two separate investigations. A source explained that the investigation was based on credible suspicion, although no conclusive indictment has been reached, against any of the companies.
The apex bank was said to be worried that rather than the companies patronising banks for their forex transactions, they opted for the black market. In the light of the heightened security situation in the country, the apex bank was alarmed that recourse to black market by formal sector operators may be conduit for illegal transactions, including transmitting funds to terrorists, money laundering, under declaration and shortchanging of extant government rules and policies, among others.
A source said the apex bank was ready to clamp down on any company found to have contravened any forex trading investigation the extant laws and policies on forex. The source explained that the companies are in two groups — those which specific forex accounts are being investigated and others which have all their accounts being investigated. The companies under investigation include: Promasidor Nigeria Limited, Stallion Nigeria Limited, Bhojraj Nigeria Limited, Interswitch Nigeria Limited, Far East Mercantile Limited, Afrab Chem Limited, Multichem Industries Limited, Daraju Nigeria Limited, Dover Engineering Limited, BCL Trading Services Limited, Amarava Agro Limited, Shivlula Nigeria Limited, Deeplast Nigeria Limited, Givanas Industry Nigeria Limited, forex trading investigation, Godrej Nigeria Limited, forex trading investigation, Malok Nigeria Limited, Nagode Industries Limited, Prima Corporation Limited, Regal Chem Forex trading investigation Limited, Vista International Limited, Budha Logistics Limited, Mitoch Global Link Ventures and Solem Agro Limited.
Read also: Reps to investigate ATM charges by banks. Faced with twin-shock of global crude oil decline and COVID pandemic, forex trading investigation, the CBN has struggled to balance its developmental mandate with regulatory role of maintaining stability in the financial system. Amid sustained forex pressure, the apex bank has battled global and national headwinds to ward off knee-jerk devaluation of naira.
The apex bank in August secured a court order freezing the accounts of companies, which it alleged were behind forex volatility. The CBN alleged that the companies were engaging in the importation of some items exempted from official foreign exchange and also manipulation of the forex market.
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Jun 25, · While the very size of the forex market should preclude the possibility of anyone rigging or artificially fixing currency rates, a growing scandal suggests otherwise. (See also "Forex Trading: A Jun 17, · "Forex trading is safe if you properly select a brokerage account and firm," says Sergey Savastiouk, CEO of Tickeron, a market intelligence platform that assist users with portfolio and trading Apr 09, · In this video, Ref Wayne analysis the four major pairs live and shares knowledge about the forex game. He says his under investigation for killing the market
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