3 Key Forex Decisions That Led To Reps' Demand To See Emefiele in Person

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April 17, 2020

Nairametrics| The House of Representatives, through its Ad-hoc Committee on the Review of the Prices of Petroleum Products has demanded that the Central Bank of Nigeria’s governor, Godwin Emefiele appear before it in person to defend some of the key decisions of the apex bank especially as it relates to the sale of foreign exchange to petroleum marketers. The key issues at stake are as follows:

Governor Godwin Emefiele – Source: Reuters

Emefiele is expected to furnish the committee with details of oil marketers who benefited from forex sales from the apex bank from January 2015 to date.
Emefiele has also been requested to provide explanation on who authorized International Oil Companies (IOCs) to operate as a financial institution to sell foreign exchange to petroleum marketers
The Reps have also demanded that the CBN Governor provide the committee with information on the criteria for eligibility to access foreign exchange and all necessary documents to support the transactions

The Chairman of the committee, Nnanna Igbokwe, ordered the presence of Emefiele while speaking at a sitting of the committee yesterday as the Director, Financial Marketing, CBN, Dr. Alvan Ikoku, who represented Emefiele at the committee sitting Monday, had said that IOCs at a point were selling foreign exchange to petroleum marketers.