CBN accused of massive racketeering in the nation’s forex scheme

A leading financial reporter, The BusinessDay newspaper reports on Monday has unraveled what it allegedly described as the biggest Forex racket since the days of military era. 

But in a swift reaction, the Central Bank of Nigeria (CBN) has dispelled the report, insisting that their is no such a massive racketeering in the nation’s Forex scheme as claimed by the medium.

The newspaper in their investigation reveal that faceless agents in Nigeria are exploiting the country’s multiple exchange rates to devastating effect and allegedly have the backing of regulators from within the Central Bank of Bank (CBN).

The newspaper report also claimed that some individuals pocket about N32 billion annually from the N306/$ exchange rate regime due to a massive racketeering in the nation’s Forex scheme.

However, the Apex bank in a statement on Monday published on its website of CBN and signed by Isaac Okorafor, director of the bank’s corporate communications department said, BussinessDay newspaper did not get their facts right.

The statement read: “The management of the 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.

“The 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 the 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 the CBN, have been converging, leaving no room for arbitrage opportunities in Nigeria’s Fx market,” it added.

Okorafor, then, assured Nigerians that the CBN will continue to act in the best interest of the country and remain focused on its core mandate of sustaining the stability in the FX market.