₦airaland Forum

The Central Bank of Nigeria (CBN) has debunked a newspaper report on sleaze in the foreign exchange (forex) dealings.

In a rebuttal made available to Daily Sun yesterday, the apex bank challenged the media organisation to provide the names and evidence of collusion between the agents and officials of CBN working in cahoot to carry out the racket.

The CBN statement read: “The Central Bank of Nigeria (CBN) has been alerted on the front page headline story in the BusinessDay newspaper on Monday, February 4, 2019 titled: “Exposed: The sleazy face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”.

“The management of 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. 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 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 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.”

https://www.sunnewsonline.com/cbn-debunks-media-report-on-forex-scam/amp/

In a rebuttal made available to Daily Sun yesterday, the apex bank challenged the media organisation to provide the names and evidence of collusion between the agents and officials of CBN working in cahoot to carry out the racket.
No matter the propaganda by the evil party, we sane, honest and hardworking Nigerians are ALL moving to the NEXT LEVEL of our lives, wailers can choose to remain behind, that is your cu of tea.

Sai Baba we love.
Sai Baba we know.
Sai Baba we want.

Hmm

It's well

Nigeria is a deadline country under buhari

The amount of fraud going on in this apc government is amazing

I do not know why the cabal in aso rock is hell bent to destory Nigeria .why not make it single exchange rate and you will not need anyone to bring your fu*king list to you Oga CBN!

That accusation is complete fact that happens everyday.

Aso Rock cabals have used Buhari to amass so much wealth that even Dangote is a shoe shiner to them when you talk about money.

They are fronting Buhari who does not know his left from right while they milk Nigeria dry and release some crumbs to Southern idiots to help them run media propagandas to keep them in power using Buhari's name.

Honestly it really hurts to share same nation with fools and idiots still supporting Buhari

Soon breeze go blow fowl yansh open.

franchasng:
That accusation is complete fact that happens everyday.

Aso Rock cabals have used Buhari to amass so much wealth that even Dangote is a shoe shiner to them when you talk about money.

They are fronting Buhari who does not know his left from right while they milk Nigeria dry and release some crumbs to Southern idiots to help them run media propagandas to keep them in power using Buhari's name.

Honestly it really hurts to share same nation with fools and idiots still supporting Buhari

Couldnt agree more!

CBN has almost always been complicit in forex round tripping

People like Elumelu made their STB money from round tripping

But Nigeria always loves to forget

post=75425393:
In a rebuttal made available to Daily Sun yesterday, the apex bank challenged the media organisation to provide the names and evidence of collusion between the agents and officials of CBN working in cahoot to carry out the racket.
No matter the propaganda by the evil party, we sane, honest and hardworking Nigerians are ALL moving to the NEXT LEVEL of our lives, wailers can choose to remain behind, that is your cu of tea.

Sai Baba we love.
Sai Baba we know.
Sai Baba we want.

N

God bless Nigeria

Who does not know the cabals get dollar from CBN at a different purpose rate (raw material import rate) and sell at N365.

When you have multiple exchange rate, what do you expect.

Its open news...

My dollars never rise y

The Business day report is true which was also confirmed by Emir Sanusi ex-CBN governor.

Until the wide gap between the official and black market rate is narrowed, corruption will continue unabated.

Soludo era tried to narrow the gap thereby making the round tripping business unattractive m

post=75425393:
In a rebuttal made available to Daily Sun yesterday, the apex bank challenged the media organisation to provide the names and evidence of collusion between the agents and officials of CBN working in cahoot to carry out the racket.
No matter the propaganda by the evil party, we sane, honest and hardworking Nigerians are ALL moving to the NEXT LEVEL of our lives, wailers can choose to remain behind, that is your cu of tea.

Sai Baba we love.
Sai Baba we know.
Sai Baba we want.

Can you leave politics out of discussion on economic sabatage. The stipend you get from shallow defence is not only unsustainable but devastating.

civilserva:
Not

Not what Mr civil servant?
Kindly let us know when you modify your Not!

BusinessDay newspaper might be right about this.

This isn't the first time we are hearing this, we remember the Hajj issue and Sanusi comments concerning forex fraud.

Who will believe your report? Why the multiple rates? You think Nigerians are fools.
Chai, I pity this country. At the way things are going, in the near future, there may not be anywhere to call a country for us. Because, right now, some people are busy raping and plundering this one called Nigeria.

it's a widely documented fact,even the emir of kano and former cbn governor alluded to our having different exchange rates as an impediment to business and an avenue for a few to amass wealth through round tripping. Nothing much has changed even with this current regime,only the players have,it was even very worse at the heat of the recession though it's more coded now. Denying something that's happening in government quarters doesn't mean it's not happening,it's just standard practice to do so in order to save face

Elite gangs vs minority the minorities will still vote the majorities elites

franchasng:
That accusation is complete fact that happens everyday.

Aso Rock cabals have used Buhari to amass so much wealth that even Dangote is a shoe shiner to them when you talk about money.

They are fronting Buhari who does not know his left from right while they milk Nigeria dry and release some crumbs to Southern idiots to help them run media propagandas to keep them in power using Buhari's name.

Honestly it really hurts to share same nation with fools and idiots still supporting Buhari

yeah and PDP too, Nigerians love their oppressors

Former CBN Governor, Sanusi said this about 3 years ago. GMB and his crony introduced Forex subsidy to enrinch his friends and cabals

.