CBN Debunks Newspaper Report On Forex Racketeering By Its Officials

Godwin Emefiele, CBN governor


The Central Bank of Nigeria (CBN) has refuted a newspaper report that its officials and some agents are taking advantage of the multiple Forex exchange rates in the country to defraud Nigerians.

Speaking in a statement on Monday by its Director of Corporate Communications, Mr Isaac Okorafor, the CBN described the report as not only baseless but also unfounded.

The Bank was reacting to a frontpage headline story in the BusinessDay newspaper on Monday, February 4, 2019 titled: “Exposed The Sleazy Face of N306/$, inside Nigeria’s racket where faceless agents pocket over N32bn annually”.


The statement by Okorafor reads, “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.

“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 FX market.”


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