CBN Debunks Report of Sleaze in Forex Market

CBN Spokesperson, Isaac Okorafor

The Central Bank of Nigeria, CBN, has dismissed report of sleaze in the management of Forex Market published in the BusinessDay Newspaper.

The newspaper alleged that faceless agents in Nigeria are exploiting the country’s multiple exchange rates to devastating effects and allegedly with the backing of regulators. 
But, in a statement on Monday, CBN’s Director of Corporate Communications, Isaac Okorafor, states:

 “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.

 “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.

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