CBN debunks alleged forex manipulation

The Central Bank of Nigeria on Monday denied involvement in
foreign exchange manipulation as alleged in one of the national
dailies.

The bank’s Director, Corporate Communications of the CBN, Mr
Issac Okorafor made the denial on its website.

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 newspaper to provide the names of
agents involved, and also verifiable evidence of collusion.

The CBN said, “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 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 racket schemes.

“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.

“For avoidance of doubt, the CBN 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.”

(NAN)