CBN debunks been queried by AGF over forex allocation, transactions
Following the allegation that the Attorney General of the Federation (AGF), Mr. Abubakar Malami, had queried the Central Bank of Nigeria (CBN) foreign exchange allocation and transactions, the apex bank on Thursday debunked the claim saying that it had yet to receive any query from the office of the AGF over issues relating to the sale of foreign exchange.
The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, in a statement clarified that neither the Governor of the CBN, Mr. Godwin Emefiele, nor the Director, Legal Services Department has received any communication from the AGF office with regard to the issue.
According to the statement, the attention of the Central Bank of Nigeria has been drawn to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria over issues relating to the sale of foreign exchange.
“While it is perfectly normal for any agency of government to seek clarifications on any matter from other agencies of government, we wish to state that neither the Governor of the CBN nor the Director, Legal Services Department has received any communication with regard to the issue.
“The CBN, as a responsible and responsive arm of Government, will always provide clarifications on any matter within its purview for the purpose of educating and enlightening all concerned”, it reads in parts.
The apex lender explain further that since the introduction of the new forex policy last year, the CBN had mandated all banks participating in the policy to forward evidence of forex sale to end users as well as advertise same in national dailies.
It said the decision to ask banks to publish their forex rate was to ensure transparency as the CBN neither allocates foreign exchange nor does it deal directly with bank customers.
It would be recalled that in a letter from the AGF, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, in polite terms and without giving any ultimatum, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.
The letter titled: ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The minister, in the letter, said he became aware of the corruption allegations through several petitions.
Four major allegations contained in Malami’s letter to Emefiele include alleged corruption in the apex bank’s “foreign exchange allocation transactions.”
The second is “questionable policy” in the apex bank’s allocation and sale of foreign currency to Nigerians.
The third is the issue of “arbitrary allotment of different exchange rates for same purposes” by the CBN.
The last is allocation of conflicting foreign exchange rates by the CBN.
The letter partly read, “Some of these petitions have been supported by several documents allegedly showing that the central bank has implemented a questionable policy in its allocation and sale of foreign currency to Nigerians.
“It is further alleged that this arbitrary allotment of different exchange rates for same purposes at the same time is being pursued as policy by the Central Bank of Nigeria. See attached documents from Leadershing publication.
“Also attached is a report of the October 2016, allocation of conflicting foreign exchange rates by the central bank.
“In view of these allegations of corruption and arbitrary allocations of foreign exchange to a certain class of persons, you are kindly requested to comment on these allegations to enable us to advise the Presidency and take appropriate measures as may be dictated by the circumstances of the case”, it stated.
