The Central Bank of Nigeria, CBN on Friday reacted to claims by the Senate that it is selling dollars to some businesses at an unofficial rate of N200.

On Wednesday, the Senate in a resolution asked the Federal Government to direct the CBN to supply dollars at a subsidised exchange rate of N200 to intending pilgrims to either to Saudi Arabia or Israel.

The resolution followed a motion by the former governor of Kebbi State, Adamu Aliero, APC-Kebbi, requesting, as a matter of urgency, concession to be granted as a policy every year to the pilgrims.

Mr. Aliero said his request followed confirmed information he had that the apex bank was allocating foreign exchange to some businesses at N200 to the dollar.

“The committee strongly recommends the concession of N200 to $1 for 2017 Hajj, to bring down the cost to a bearable level,” Mr. Aliero said. He did not name the businesses.

Based on the former governor’s submission, the committee on foreign affairs, while submitting its report on alleged “Extortion of Pilgrims” by the National Hajj Commission, adopted the recommendation.

But, the CBN in a response to an enquiries by PREMIUM TIMES on Thursday, denied the allegations that it has been allocating FOREX to any business at N200.

“It is not true,” CBN spokesperson, Isaac Okorafor, said in a response to an SMS to him on Friday.

“We (CBN) are NOT selling FOREX to anyone at N200 to the dollar. The lowest rate in the entire market is the inter-bank rate, which ranges between N305 to N315,” he explained.

Since June 2016, when the CBN unveiled the flexible FOREX policy, the apex bank was partially stripped of the powers to intervene and fix the exchange rate of the Naira against any currency.

With the policy, which effectively removed CBN controls of the exchange rate, abolished the previous N197-199 band to the dollar, with exchange rates in the international currency market becoming a subject determined purely by the prevailing forces of demand and supply.

The new arrangement created a single inter-bank trading window, which determines the exchange rate of the dollar to the Naira..

The chief executive of Pan Africa Development Corporation, Odilim Enwegbara, who was one of the Nigerians that reacted to the resolution by the Senate on Thursday, said under the prevailing floating exchange rate policy, the CBN was handicapped to meet the lawmakers’ request.

“By virtue of the CBN floating exchange rate policy, the exchange rate is determined by market forces. Any intervention by the CBN is illegal,” Mr. Enwegbara said.

Most other Nigerians, who commented on the issue, have condemned the resolution, describing it variously as ridiculous, selfish, and self-serving.

http://www.premiumtimesng.com/news/headlines/237634-cbn-replies-senate-says-not-selling-dollars-anyone-n200-rate.html

Ok

OK...everyone knows that we have got the most useless set of old and rotten criminals as senators in Nigeria..so I won't be surprise if the wake up one day and ask CBN to release foreign currency to Shakawu" the leader of boko haram...

I applaud the CBN on this. Enough of subsidies on foreign religions. If anybody wants to experience the spiritual, we have countless shrines in Nigeria they could make a pilgrimage to

To hell with all foreign religions especially the Abrahamic proselytising faiths

nwakibie3:

Well, we have heard it in the public that the CBN has declined to do as the Senate recommended, I hope the CBN won't do otherwise in private.

Hajj is for those who can afford it- govt has no business with that.

Any one who wants to go on pilgrimage to either Saudi Arabia or Israel should do so on his own account. The Nigerian senate should stop subsidising the Naira for them. If they can't afford it at N305/N315 they should seat back let those who could do so.

And they secretly will.. ..

I stand with CBN on this You want to remain holy ,let it come from your pocket. My friend went to Jerusalem,that has not changed his way of life .He's still a womanizer,despite happilly married .All our political Alhajis ,have they stop stealing from the Government? Enough of this wasteful expenditure.

Cbn still a scam

Last year this time the rate was 375 and we were all groaning

It went higher to 500 and now it is back to 365 nigerians are content

We are our iwn worst enemies

Gtbank, uba etc that increased card spending did so because same dollars they obtain at 305 to 315, they sell at 365 to 375, helping their profits

They will soon start declaring half year profits and dividens

Scamming the gullible Nigerians

I blame us for swallowing any bullsheet thrown at us

Seen

Don't refuse in public and agreed behind the scenes.

The double exchange rate thing is a scam.

God knows how many people buhari has "turned" billionaire through that.

CBN is not selling to anybody, it is only selling to the who is who in the society.

ok you won't sell it at 200, you'll rather keep it at the normal 197 clap for yourself

Why not just sponsor these people privately and free Nigerians from subsidizing personal faiths.

If this passes through, that means for every 3 travelers, Nigeria is sending on free.

Goodluck

So cbn is selling to banks at 305/315, yet these useless banks sell for above 370?

And no one is doing anything about this outright profiteering?
I thought profiteering is against the law?

I donor blame cbn for not doing anything about it. Afterall, they receive bribes from these banks or they run the banks partially.


Useless people.

One old expect the Senate to know better UT instead they have exposed themselves of not having a firm grasp of the current state of the economy .

Nice one CBN

Thank God Buhari is lying critically ill in London, he would have ordered CBN to sell at #150

we don't need this we can't afford this. ..

We elected childish adults as senators, even if CBN was doing something improper, their own reaction should not be asking for a piece of the action.

Who bewitched us as a nation? God,have mercy on us.I am short of words

Nigerian senators Shaa, when will they look into interest on loan from commercial banks? I believe if checked, many people will have startup capital and job will be created. Commercial banks in Nigeria give out loan at 28% interest if you can meet their conditions. In US, it is 4-6% interest which everyone is qualified to get. So, tell me, why will businesses not thrieve in such environment? Why will people depend on government job?


At 28% interest someone is talking about fighting corruption, is he serious? someone will be asking why people engage in kidnapping, what about internet fraud, someone will still want me to VOTE, GOD FORBID!