Foreign nationals out to sabotage FEM

Foreign nationals mainly Asians have deviced various means of beating the provisions of the Foreign Exchange Market, FEM.
Informed sources told The Republic that these foreigners use Nigerians to front for them.
The sources said that the foreigners use names of their relations including those of their Nigerian collaborators to buy foreign exchange from FEM and use same for purpose they were not originally intended.
Through these means, some millions dollar or pounding sterling were believed to have been repatriated as profit by these foreigners who use their Nigerian connection to get money out of the country.
In recent months, a good number of the foreign exchange dealers have been caught by the CBN and have had to be embarked for these subversive acts.
Last week lone, 14 of such foreigners were placed on embargo by CBN via circular No. TED/AD/175/87 dated September 23, 1987.
The circular which read in part “This is to inform all authorised dealers that, with immediate effect, no foreign exchange transactions including transfer of funds should be made on behalf f the underlisted persons/company until the embargo is lifted.”
The circular listed the names of those affected as: Mr. L.H. Chien, Mr. K.C.N. NG, Mr. H.M. Navarro, Mr. E. Quiniltan, Mr. F. Dolor and Mr. Chor Nam Chang.
Others are Mr. M.K. NG, Mr. R.C. Malvas and Mr. R. Quiniltan.
Also embargoed are Mr. F. Pakayra, Mr. Woug Kuen, Mr. K. O. Ming Chin and Mr. Kenneth Chi Hung.
According to the circular, all approvals recently granted in favour of the above person/company which still remain unutilised, either wholly or partially should be cancelled immediately.
Sources further disclosed that the CBN has asked for the files of the affected persons for scrutiny and further investigation.
Experts are worried that the illegal transfer of foreign exchange obtained from official source of funding have been putting undue pressure on the naira and have been depriving the Nigerian industries of adequate foreign exchange sourcing.
According to them about 250 companies/individuals have in the last three months been placed on embargo for foreign exchange malpractices.