WazobiaReporters vindicated as AGF queries CBN Gov for selling dollar for as low as N3/ $1

Five days after WazobiaReporters exclusively reported that the Central Bank of Nigeria (CBN) was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection, the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), has queried the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN's foreign exchange allocation and transactions.

Petition against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”

Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.

WazobiaReporters had reported on February 11, 2017 that the fraud was being perpetrated through a select few in CBN, with claim that Form M was filled and submitted like 35 years ago but forex was not released.

“You just need to claim that importation was done in say 1985 but forex was not released to you despite submitting duly completed Form M.

“With all documents perfected, the forex will then be released at the prevailing rate in 1985.

“Imagine someone getting $1 million at N5/ $1 and selling to end users at say N450/ $1. That is making N445 on $1 and just multiply N445 in one million places.

“That is the fraud going on in CBN now," source disclosed.

For instance, an individual got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”.

A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector.

There was a transaction involving sale of $66.72 at the rate of N0.62 to $1.

There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes.

A particular transaction also involved the sale of $570.8 at the rate N3.17.

In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1.

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http://wazobiareporters.com/2017/02/16/wazobiareporters-vindicated-as-agf-queries-cbn-gov-for-selling-dollar-for-as-low-as-n3-1/