Central Bank of Nigeria denies allegations of forex racket

Feb 05, 2019
The Central Bank of Nigeria, CBN, on Monday said there is no truth in a report alleging that faceless agents, backed by regulators, were exploiting the nation’s multiple exchange rates.
 
According to the report, the activities of the faceless agents which have devastating effects on the forex market, gives the agents about N32 billion annually.
 
The CBN, in a statement on Monday, said: “The forex rates across various markets governed and regulated by the CBN, have been converging, leaving no room for arbitrage opportunities in Nigeria’s forex 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 forex market.”
 
 
Source: The Ripples
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