CBN Says Not Colluding With Racketeers To Exploit Multiple Exchange Rate

CBN Says Not Colluding With Racketeers To Exploit Multiple Exchange Rate

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Post Views: 344 The Central Bank of Nigeria (CBN), on Monday morning denied reports that some faceless Nigerians are taking undue advantage of the nat...

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The Central Bank of Nigeria (CBN), on Monday morning denied reports that some faceless Nigerians are taking undue advantage of the nation’s multiple exchange rate with devastating effects on the economy.
The apex bank in a statement by Isaac Okorafor, Director, Corporate Communications, reacting to a front page report by BusinessDay newspaper on Monday, February 4, 2019, also denied that such was with the connivance of the regulators.
Okorafor said the denied the CBN the benefit of responding to this article titled: “Exposed The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”.
Describing the report as “unfounded and untrue,” he challenged “BusinessDay to provide the names and also verifiable evidence of collusion between these faceless agents and officials of the CBN, who are working to perpetuate these so called Fx racket schemes.”
The CBN also urged “the management of BusinessDay to contact the CBN prior to making such spurious allegations.”
He reminded the newspaper that the foreign exchange “rates across various markets governed and regulated by the CBN, have been converging, leaving no room for arbitrage opportunities in Nigeria’s Fx market.”
For avoidance of doubt, the CBN assured that it “will continue to act in the best interest of Nigeria and shall ensure it remains focused on its core mandate of sustaining the stability in the FX market.”

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