CBN denies allocating forex without bids

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The Central Bank of Nigeria (CBN) has refuted allegations that it allocates foreign exchange arbitrary to certain privileged customers. The Emir of Kano, and former CBN governor, Alh. Sanusi Lamido Sanusi had alleged multiple forex transactions in the Nigerian forex market place.

Emir Sanusi who spoke Friday in Abuja at the first edition Savannah Centre Policy Monitoring Dialogue while commenting on the $30 billion loan proposal by the Federal Government alleged that the CBN issues concessionary forex rates to certain people. But the Ag. Director Corporate Communications, CBN, Mr. Isaac Okorafor, at the weekend said, it is impossible for CBN to allocates forex arbitrarily.

“First, I want to state that the Central Bank of Nigeria has set up an inter-bank foreign exchange market where anyone who wishes to buy foreign exchange can bid for and buy through their banks. It is not true that CBN allocate dollars. There is nowhere in the world that the Central Bank sits by and allows vicious speculators to solely distort the value of its currency endlessly” he said.

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