Selfish Interests’ Plotting To Ouster Godwin Emefiel Says CBN

Amid criticism for the increasing foreign exchange rates, the Central Bank of Nigeria (CBN) has described resignation calls for its principal, Godwin Emefiele, as selfish.

The financial regulator has been struggling to keep forex rate down in the black market or align it with that of the officially recognised rate in the Investors & Exporters window.

There’s a gap of N160.32 between the official rate and the parallel market as at the close of trading on Monday, with the dollar gaining against naira at the I&E window, after posting N413.68/$1.

The difference has piled pressure on Emefiele -led CBN, causing the financial regulator to ban sales of forex to Bureau De Change operators and clampdown on forex aggregator, abokiFX, accusing the reference site of manipulating forex rate.

With all these decisions by Emefiele coming under fire, the apex bank’s spokesperson, Osita Nwasinobi, told the media in a statement on Monday that selfish agenda is behind the call for the CBN boss to resign.

In the statement by Nwasinobi, he said those benefiting from the high forex rate in the black market are pursuing for Emefiele’s ouster, but the apex Bank won’t be distracted by them.

“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”, he stated.

Nwasinobi reiterated CBN’s stance against the parallel market, stating that providing forex to the BDC operators wasn’t sustainable considering they had, “deviated from the purpose for which they were issued licenses in the first instance.”

He added that the rate in the black market remains unrecognised, and doesn’t tally with the reference rate of the naira, advising Nigerians to be wary of speculators who want to manipulate the market for unpatriotic reasons.

The CBN double down on only legitimate businesses, such as travel allowances, payment of tuition and medical fees, among other invisibles, would continue to have access to the official forex.