Top bank officials in forex scandal

Foreign exchange scams, popularly called, ‘round tripping,‘ being perpatrated by many Nigerian banks have been discovered to be one of the major reasons for the fall of the naira. Billions of naira are raked in weekly from these illegal transactions.

Sunday Punch investigations revealed that some bank officials forged fake company and travelling documents to back up fake forex transaction before selling them in the black market at very high rates.

Usually, international passports, tickets and visas are forged in large quantities and used to buy all the foreign exchange from the banks, in form of Business or Personal Travelling Allowance.

This fraudulent transaction creates artificial scarcity of foreign exchange, leaving people that buy forex at the mercy of the black market.