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CBN denies allocating dollars

05 December 2016, 10:04

Abuja - The Central Bank of Nigeria says it is not allocating United States dollars as it has set up an interbank foreign exchange market for anyone interested in buying the greenback through Deposit Money Banks.

The Acting Director, Corporate Communications, CBN, Isaac Okorafor, said this in an emailed statement on Sunday.

Though Okoroafor did not state the object of his reaction, the Emir of Kano, Sanusi Muhammad II, had on Friday said the country’s foreign exchange management lacked credibility.

Also read: DSS raid worsens dollar scarcity at parallel market

“There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as Western Union and MoneyGram, there is the Bureau De Change rate, and there is a special rate that you get when you call the CBN for a transaction,” he said.

Sanusi, a former Governor of the CBN, spoke at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

“It is not true that the CBN allocates dollars. There is nowhere in the world that the central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly,” Okoroafor said.

According to him, all central banks intervene to buy or sell in the market to ensure that local currencies are protected from dubious attacks.

- News 24

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