We Are Not Involved In Forex Manipulations - CBN
Nigeria business newspaper, BusinessDay ran a frontpage story on Monday that is causing the Central Bank of Nigeria, CBN some headaches.
The story accuses the CBN of complicity in a foreign exchange racketeering that cost Nigeria 32 billion dollars every year.
But in a statement published at midday, the apex bank denied any involvement in foreign exchange manipulation.
The bank’s Director, Corporate Communications of the CBN, Mr Issac Okorafor said the regulator noted that the story by BusinessDay Newspaper titled, “Exposed the Sleazy Face of N306/$1, inside Nigeria’s racket where faceless agents pocket over N32bn annually” was unfounded and untrue.
It therefore, challenged the BusinessDay Newspaper to provide the names of agents involved, and also verifiable evidence of collusion.
“The management of the CBN wishes to react to the report wherein BusinessDay 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 read.
“The CBN wishes to state unequivocally that this report is unfounded and untrue and challenges 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 Forex (Fx) racket schemes.”
It added: “We would also urge the management of BusinessDay to contact the CBN prior to making such spurious allegations, as we were denied the benefit of responding to this article.
“The CBN wishes to remind BusinessDay, as most financial observers have noted, that the Fx rates across various markets governed and regulated by the CBN have been converging, leaving no room for arbitrage opportunities in Nigeria’s Fx market.”
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