The Central Bank of Nigeria has described as “unfounded and untrue” media report which alleged that the apex bank is conniving with “faceless agents”, to rip off the economy of N32 billion annually through the regulated foreign exchange rate of N306 per Dollar.
BusinessDay had in one of its stories written and published today with a caption: “Exposed The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”, alleged how regulators turned blind eyes to the dangers of, and supported the growing foreign exchange racket by unnamed faceless agents.
But the CBN in a statement: “Unfounded Allegations by BusinessDay Newspaper”, apart from saying it was false, challenged the medium “to provide the names and also verifiable evidence of collusion between these faceless agents and officials of the CBN”.
The CBN Director of Corporate Communications, Mr. Isaac Okorafor, in the statement further maintained that the Foreign Exchange rates across various markets governed and regulated by the CBN, had been converging, leaving no room for arbitrage opportunities in Nigeria’s Foreign Exchange market.
The full text of the statement by Mr. Okorafor reads: The Central Bank of Nigeria (CBN) has been alerted on the frontpage headline story in the BusinessDay newspaper on Monday, February 4, 2019 titled:“Exposed The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”.
“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.
“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.”