The Central Bank of Nigeria (CBN) yesterday said it will continue to act in the best interest of Nigeria by remaining focused on its core mandate of sustaining exchange rate stability.
CBN Director, Corporate Communications, Isaac Okorafor, disclosed this in a statement, following a media report alleging fraud on foreign exchange management by the regulator.
The report titled: “Exposed The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32 billion annually” has prompted the CBN to defend its forex policies.
“The management of the CBN wishes to react to the report wherein the newspaper alleges that faceless agents in Nigeria are exploiting the country’s multiple exchange rates to devastating effects and allegedly with the backing of regulators,” the statement said.
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“The CBN wishes to state unequivocally that this report is unfounded and untrue and challenges the newspaper 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 forex racket schemes”.
The apex bank urged the management of the newspaper to contact the CBN prior to making such spurious allegations, as the regulator was denied the benefit of responding to this article.
The CBN reminded the newspaper that most financial observers have noted, that the forex rates across various markets governed and regulated by the CBN, have been converging, leaving no room for arbitrage opportunities in Nigeria’s forex market.
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