CBN moves to check fraud

The Central Bank of Nigeria, CBN, has worked out a blueprint for curbing the incessant incidence of fraud at the apex bank.
According to the blueprint titled, “Preventing Fraud in CBN” vital sections of the bank will be computerised to enable the bank keep track of vouchers and forms entering and coming out of the bank.
Departments being mapped out for such are the foreign operation, checking office now import office and currency operation.
Other measures The Republic leant are those that would limit the authority of some grades of officers amongst whom fraud is most prevalent.
Junior officers at the checking office might be stripped of power applications for foreign exchange. The new management would require a senior manager to counter sign such before they go through.
The need to take such measures The Republic learnt stemmed from the increasing wave of fraud at the apex bank. The Central Bank management is said to have been very disturbed in recent weeks over reported cases of fraud and have thus taken measures to check it. The most recent of such fraud involved N100 million mixed up in foreign exchange transactions. Already a CBN disciplinary committee has recommended the dismissal of all staffers involved in the fraud, the staffers were said to be in two departments: Trade and Exchange Control and Foreign Operations.
Meanwhile, the bulk of the staffers involved in the fraud are in the checking office of the Trade and Exchange Control department. So far 84 of its staffers have been suspended from office following the shake up.
Under the foreign exchange control act of 1962 and SFEM decree of 1986, officials of the department have various authorities to check and approve foreign exchange for applicants.
Before now, two CBN women had been held in connection with N300 million fraud. Observers contend that the transfer of foreign exchange dealings with private firms from CBN following the foreign exchange auction regime has failed to curb the spate of fraud at the apex bank.
Unscrupulous officers have been using various means to circumvent the rules to their own benefit. The measures now proposed by CBN, it is hoped would curb the phenomenon.