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Business News of Wednesday, 22 September 2021

Source: economicconfidential.com

CBN warns against speculation, manipulation of forex

The Central Bank of Nigeria The Central Bank of Nigeria

The Central Bank of Nigeria has warned Nigerians to be wary of the activities of speculators who sought to manipulate the market for unpatriotic reasons.

In a statement by the Spokesman of the Central Bank of Nigeria, Mr Osita Nwanisobi, on Tuesday titled ‘CBN spokesman faults calls for gov’s resignation’, he insisted that the rate in the CBN-unrecognised parallel market was not the reference rate of the naira.

Nwanisobi faulted claims from certain quarters for the resignation of the CBN Governor, Godwin Emefiele, over issues relating to the exchange rate of the naira.

He 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 recognise 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 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 Nigerians.

Nwanisobi also assured that the CBN remained committed to meeting the foreign exchange request of travellers with legitimate needs as they related 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 possessed all the requisite documents to validate their request.

Reiterating the stance of the CBN Governor, 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 exceeded transaction limit as long as the application was supported with specified requirements.