Against the backdrop of a media report that the Central Bank of Nigeria (CBN) sold foreign exchange to some preferential customers at rates ridiculously lower that what obtains in the market, the apex bank, on Tuesday said its dealings in such a sensitive market has remained transparent, contrary to the allegation.
The apex bank in the statement signed by Isaac Okoroafor, its spokesman, said the wrong impression of disparate forex rates were forwarded and erroneously published by some deposit money banks, which have since been issued queries accordingly.
Okoroafor added: “Some have returned a response indicating that some of the figures were related to formatting errors, which do not affect the true rates of the affected transactions.”
The apex bank stressed that it has a duty to perform as industry regulator mandated to manage the forex market, maintain external reserves and safeguard the international value of the legal tender of the country, following which it would not indulge in acts capable of discrediting the forex market.”
The statement reiterated that the sale of forex under the new policy is most transparent and not intended to benefit any individual or corporate body in anyway.
He alluded to the situation where deposit money banks were allowed to give concessionary rates under the new 60:40 “foreign exchange policy of the CBN, which prioritses forex sales to manufacturers, agriculture, plans and machinery, critical raw material, among others.
That notwithstanding, the CBN said it “neither allocates foreign exchange nor does it deal directly with bank customers.
“The CBN does not fix forex rates for transactions by individuals or companies,” but instead directs DMBs to foreward evidence of forex sale to end users and to advertise same in correspond.