Unconfirmed reports reaching Nairametrics may have confirmed speculations that the flexible exchange rate market introduced by the CBN Governor, Godwin Emefiele, is being manipulated.

According to an email exchange purportedly exchanged between members of the Banker’s committee, obtained by Nairametrics, some commercial banks appear to be conniving to influence the currency market. Here are a few excerpts of the exchanges;

Key outcomes for us to note as follows

CBN has directed that Minimum tenor of currency forwards be 60 days. This comes on the back of banks doing 2, 4 and 7 day forwards outside of the official rate in order to fill orders at a higher rate.
If the CBN Funds are used for settling LC’s then for every LC that is settled a new one of 50% of that value must be written. Sources tell Nairametrics that this is simply a continuation of current in-force rules.
Banks will not be able to sell to BDC’s going forward as double cheques are being written.
Same goes for buying currency from corporate…double cheques are being written to make up value (Olam specifically mentioned here).
Banks may not bid for Dollars at a rate exceeding N315 for amounts less than $1.5 m, but on large amounts banks should call him (Emefilele) to agree upon a different rate should they wish to trade higher (basically to manipulate the official rate at a level Emefiele decides).
Any banks lacking clarity on exactly what the regs around the currency are should call Herbert (possibly of Access Bank) for clarity.
Whilst the email exchange is yet to be confirmed independently, our source reveal it was obtained from someone with access to email exchanges within the bankers committee. The email exchange also aligns with rife speculations about a rate ceiling imposed on bidders by the Apex bank.

READ MORE: http://nairametrics.com/leaked-bankers-committee-email-suggest-nigerias-interbank-market-is-being-manipulated/


Cc:lalasticlala

Forex scam but let me reserve my comment till next persons opinion comes in...


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