The Central Bank of Nigeria (CBN) - Those calling for Emefiele’s resignation are only pursuing selfish interests.

The Central Bank of Nigeria (CBN) has said those calling for the resignation of its Governor, Godwin Emefiele, over the current exchange rate of the naira, are only pursuing selfish interests. 

The apex bank’s spokesperson, Osita Nwasinobi who addressed newsmen on Monday, September 20, stated that

they won’t be distracted in the mandate by yielding to selfish tendencies.

However, reassuring Nigerians of CBN’s commitment in meeting the foreign exchange request of travelers with legitimate

needs as they relate to travel allowances, payment of tuition and medical fees, among other Invisibles,

Nwasinobi asked the banking public to disregard claims aimed at impugning the reputation of the apex bank. 

He said; 

Those behind such calls were only pursuing their selfish agenda fueled by those who had long benefitted from

rent-seeking practices in the parallel forex market. 

Furthermore, the CBN spokesperson maintained that there is enough supply of foreign exchange to banks to meet the needs

of Nigerians, and there has never been a turndown of Nigerians with genuine need. 

He also states the sustainability of the ban on FX sales to Bureaux De Change (BDC) operators, saying it is not in

the long run, as the rate in the CBN-unrecognised parallel market, was not the reference rate of the naira. 

Nwasinobi further added; 

Such a practice is not sustainable in the long run, considering the deviation of the BDCs from

the purpose for license issuance in the first instance.

The rate in the CBN-unrecognised parallel market was not the reference rate of the naira, so Nigerians should be

wary of the activities of speculators who sought to manipulate the market for unpatriotic reasons.

By Taiyelolu A

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