The Central Bank of Nigeria, CBN, said it is working on legal actions against violators of rules and regulations in foreign exchange FX forward contracts.
The apex bank disclosed this in its website segment titled 'Frequently Asked Questions and Answers on settlement of undelivered forward contracts.
FX forward contract is an agreement between two parties to exchange a specified amount of one currency for another at a predetermined exchange rate on a future date.
The apex bank stated: "CBN is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit.