FX market: CBN labels ‘faceless agents’ report as ‘unfounded, untrue’

The Central Bank of Nigeria (CBN) has described the headline story in the BusinessDay newspaper of Monday, February 4, 2019 titled: “Exposed: The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually” as unfounded and untrue.

BusinessDay newspaper in its report Monday, allegd that faceless agents in the country with the backing of regulators were exploiting the country’s multiple exchange rates to devastating effects in a bid to make billions of naira annually.

In a statement signed by Director Corporate Communication of the CBN, Mr. Isaac Okorafor, the Apex Bank: “BusinessDay should 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,” the statement added.

The CBN insisted that it would continue to act in the best interest of Nigeria and ensure it remained focused on its core mandate of sustaining the stability in the FX market.

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