The Central Bank of Nigeria (CBN) has refuted report that the Apex bank is behind unknown agents taking advantage of the CBN’s multiple exchange rates to devastating effects.
In a press release seen by Nairametrics, the Central Bank described the allegations as unfounded and untrue, challenging the publication, BusinessDay to provide the names of agents involved, and also verifiable evidence of collusion.
BusinessDay had reported on February 3, 2019, that “faceless agents in Nigeria are exploiting the country’s multiple exchange rates to devastating effect and they allegedly have the backing of regulators. Adding that these agents are handpicked by the Central Bank of Nigeria.” the statement was made in an article titled “EXPOSED: The sleazy face of N306/$ …Inside Nigeria’s FX racket where faceless agents pocket over N32bn annually”
But CBN has challenged the report, stating that FX rates across various markets governed and regulated by the Apex bank have been converging, leaving no room for arbitrage opportunities in Nigeria’s FX market.
The CBN statement reads:
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