Exchange Rate: You Got It Wrong, Says CBN Spokesman To Canvassers Of Governor’s Resignation

The Central Bank of Nigeria (CBN) has faulted those canvassing for the resignation of the Governor, Godwin Emefiele, due to the current exchange rate of the Naira.

It noted that those behind the calls were not only “pursing selfish agenda” but were being instigated by “those who had long benefitted from rent-seeking practices in the parallel forex market”

The Spokesman of CBN, Mr. Osita Nwanisobi, who faulted the claims from certain quarters, spoke in Abuja, Monday evening, assuring that the apex bank would not be distracted.

Nwanisobi alleged that those behind such calls were only pursuing their selfish agenda fueled by those who had long benefitted from rent-seeking practices in the parallel forex market, which he refused to recognize as a significant segment of the country’s forex market.

According to him, the CBN would not be distracted in its mandate by yielding to the selfish tendencies of a few to the detriment of the majority.

He therefore urged the banking public to disregard claims aimed at impugning the reputation of the Bank, insisting that the Bank remained committed to carrying out its mandate for the good of the Nigerian people.

Meanwhile, Nwanisobi has assured that the CBN remains committed to meeting the foreign exchange request of travelers with legitimate needs as they relate to travel allowances, payment of tuition and medical fees among other invisibles.

He noted that there was enough supply of foreign exchange to the banks to meet legitimate demands for foreign exchange.

Nwanisobi, who insisted that no customer requiring foreign exchange for genuine transactions would be turned back by their banks, urged the banking public to insist on their rights to be attended to as long as they possess all the requisite documents to validate their request.

Reiterating the stance of the CBN Governor, Godwin Emefiele, on the willingness of the Bank to meet the demands of customers, the spokesman said the CBN would not hesitate to approve foreign exchange for customers with legitimate demands that exceed transaction limit insofar as the application is supported with specified requirements.

While restating the decision of the Bank not to revisit the issue of allocation of foreign exchange to the operators of Bureau de Change (BDC), Nwanisobi argued that such a practice was not sustainable in the long run, considering that many of the BDCs had since deviated from the purpose for which they were issued licenses in the first instance.

Insisting that the rate in the CBN-unrecognized parallel market was not the reference rate of the Naira, Nwanisobi also urged Nigerians to be wary of the activities of speculators who sought to manipulate the market for unpatriotic reasons.