While importers and manufacturers in Nigeria continue to groan under the yoke of high and scarce forex, some close allies of President Muhammadu Buhari are said to be getting Dollars for as low as N5 to $1 through what is called Bills of Collection.
Sponsored Ads
Sources revealed to WazobiaReporters that the fraud is being perpetrated through a select few in CBN, with claim that Form M was filled and submitted like 35 years ago but forex was not released.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Form M is what any person/importer intending to import physical goods into Nigeria shall in the first instance process through any Authorized dealer bank in Nigeria irrespective of the value and whether or not payment is involved. It is considered similar to an import licence.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Bills of Collection is a common and popular means of obtaining payment in international trade transactions.
RELATED STORIES
Related Posts
The source said; “You just need to claim that importation was done in say 1985 but forex was not released to you despite submitting duly completed Form M.
“With all documents perfected, the forex will then be released at the prevailing rate in 1985.
“Imagine someone getting $1 million at N5/ $1 and selling to end users at say N450/ $1. That is making N445 on $1 and just multiply N445 in one million places.
“That is the fraud going on in CBN now.”
