CBN denies forex racketeering allegation

February 5, 2019
326 Views

Central Bank of Nigeria (CBN) has dismissed report alleging foreign exchange racketeering in the country.

A leading business daily had on Monday, February 4,2019, alleged that the apex bank officials were involved in shady forex deals. The report was titled: “Exposed !The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”,

However, in its reaction, the CBN said the story is baseless without facts.

“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 Fx racket schemes. 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,” it said in the statement”, the CBN explained..

The apex bank noted that the foreign exchange rates across various markets were governed and regulated by it, have been converging, leaving no room for arbitrage opportunities in Nigeria’s forex 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”, the statement added.

You may be interested

My Goal Was To Achieve Success With Ten Hag At Man United –De Ligt
Sports
Sports

My Goal Was To Achieve Success With Ten Hag At Man United –De Ligt

Webby - November 14, 2024

Netherlands international Matthijs de Ligt has suggested Erik ten Hag didn’t get the breaks he needed to keep his job…

I Want To Take My Game To New Level –Lookman
Sports
Sports

I Want To Take My Game To New Level –Lookman

Webby - November 13, 2024

Super Eagles winger Ademola Lookman has reiterated his commitment to take his game to the next level.The Nigerian international, who…

AFCON 2025Q: Benin Republic Hit By Another Injury Blow
Sports
1 views
Sports
1 views

AFCON 2025Q: Benin Republic Hit By Another Injury Blow

Webby - November 13, 2024

Benin Republic will be without two more players for their 2025 Africa Cup of Nations qualifying matches against Nigeria and…

Leave a Comment

Your email address will not be published.