CBN replies Senate, says not selling dollars to anyone at N200 rate

By -
Image result for naira to dollar
The Central Bank of Nigeria, CBN on Friday reacted to claims by the Senate that it is selling dollars to some businesses at an unofficial rate of N200.


On Wednesday, the Senate in a resolution asked the Federal Government to direct the CBN to supply dollars at a subsidised exchange rate of N200 to intending pilgrims to either to Saudi Arabia or Israel.

The resolution followed a motion by the former governor of Kebbi State, Adamu Aliero, APC-Kebbi, requesting, as a matter of urgency, concession to be granted as a policy every year to the pilgrims.

Mr. Aliero said his request followed confirmed information he had that the apex bank was allocating foreign exchange to some businesses at N200 to the dollar.

“The committee strongly recommends the concession of N200 to $1 for 2017 Hajj, to bring down the cost to a bearable level,” Mr. Aliero said. He did not name the businesses.

Based on the former governor’s submission, the committee on foreign affairs, while submitting its report on alleged “Extortion of Pilgrims” by the National Hajj Commission, adopted the recommendation.

But, the CBN in a response to an enquiries by PREMIUM TIMES on Thursday, denied the allegations that it has been allocating FOREX to any business at N200.

“It is not true,” CBN spokesperson, Isaac Okorafor, said in a response to an SMS to him on Friday.

“We (CBN) are NOT selling FOREX to anyone at N200 to the dollar. The lowest rate in the entire market is the inter-bank rate, which ranges between N305 to N315,” he explained.

Since June 2016, when the CBN unveiled the flexible FOREX policy, the apex bank was partially stripped of the powers to intervene and fix the exchange rate of the Naira against any currency.

With the policy, which effectively removed CBN controls of the exchange rate, abolished the previous N197-199 band to the dollar, with exchange rates in the international currency market becoming a subject determined purely by the prevailing forces of demand and supply.

The new arrangement created a single inter-bank trading window, which determines the exchange rate of the dollar to the Naira..

The chief executive of Pan Africa Development Corporation, Odilim Enwegbara, who was one of the Nigerians that reacted to the resolution by the Senate on Thursday, said under the prevailing floating exchange rate policy, the CBN was handicapped to meet the lawmakers’ request.

“By virtue of the CBN floating exchange rate policy, the exchange rate is determined by market forces. Any intervention by the CBN is illegal,” Mr. Enwegbara said.

Most other Nigerians, who commented on the issue, have condemned the resolution, describing it variously as ridiculous, selfish, and self-serving.

Source: Premium Times

Comments

Post a Comment

Popular posts from this blog

Girl Who Escaped Opens Up: Boko Haram Rapés Us Up To 15 Times Everyday

By -
Image
As you read this, the over 200 female students abducted on April 14 from Government Girls School,Chibok, in Borno State are passing through hard times, with some of them being rapéd for as much as 15 times a day. One of the abducted girls who managed to escape made this shocking revelations. According Daily Mirror, “Families of the schoolgirls, aged between 15 to 18, are certain their daughters are now being used as séx slaves by an extreme sect that has killed 1,500 people since the start of this year alone. They are captives in the wild Sambisa Forest in north-east Nigeria where Boko Haram has a heavily armed camp of bunkers, tunnels, ramshackle buildings and tents.  “ One girl who recently escaped following an earlier kidnapping said she was prized as a terror leader’s wife because she had been a virgin . She said young female captives were raped up to 15 times a day, forced to convert to Islam and had their throats cut if they refused.” Daily Mirror said th...
Read more

Mushin Violence: Serial Killer, Others Arrested By The Police

By -
Image
Toba and Muda The Lagos State Police Command has arrested alleged serial killer, Adigun Oriyomi, aka Muda, after five months of being on the run. The command also arrested two others, including the alleged gang leader in the Fadeyi area of the state, Toba Ajiboye. PUNCH Metro had reported that Muda was arrested last year for murder and was charged to court and remanded, but was later released. After his release, Muda was said to have gone after those who wrote statements against him at the police station and was said to be involved in about four more murders, including that of a pregnant woman and her three-year-old child in the Akala area of Mushin.
Read more

HISTORY: THE STORY OF PROPHET EDWARD OKEKE (a.k.a Eddie Nogu, Okara mmadu Okara Mmuo) #BBNaija

By -
Image
E ddie "Nawgu" Okeke's alias was "Alusi N'eje Uka" this when translated to the English language means "The Diety Who Goes To Church". Prophet Edward Okeke (a.k.a Eddie Na Nogwu)was a Nigerian self-Proclaimed "Prophet of God" and Occult Practitioner. He was popularly known in the mid-1990s as "Eddy Nawgu" amongst the igbo speaking People. His nickname "Nawgu" came about because he was from the Nawgu community, a town situated in Dunukofia Local Government Area of Anambra State, Nigeria. He was a legend in the Word of crime in Anambra State, Nigeria. he committed so many atrocities during his life time. Rumor even has it that,he 'buried alive' able bodied young men/women (human beings) inorder to do his foundation in his house and around his fence.Although he was later Killed by the Bakasi boys and his house and church were burnt down. Let us look at his Tale empirically. Early life of Edward Okeke...
Read more