CBN reject reports of naira/dollar exchange rate racketeering

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The Central Bank of Nigeria (CBN) has described as untrue, the media reports of exchange rate racketeering.

The management of the CBN, in a release by Isaac Okoroafor, Head Corporate Communications, stated that “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.”
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“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. ”
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The CBN spokesman said 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,” he added.

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