Monday, October 25, 2021

Those Calling For Emefiele’s Resignation Are Only Pursuing Their Selfish Interest – CBN

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The Central Bank of Nigeria (CBN) has to throw its weight in support of its Governor, Godwin Emefiele noting that those calling for his sack or resignation over the current Foreign exchange rate issue are only doing so to push for their selfish interests. CBN

The apex bank’s spokesperson, Osita Nwasinobi, made this statement while addressing newsmen on Monday, September 20, where he stated that all these selfish and evil calls will not distract the CBN and its governor in yielding from its mandate to satisfy selfish tendencies.
READ ALSO: I’m A Banker Not A Politician, Let Me Do My Job – Emefiele Tells Obaseki

Reassuring Nigerians of CBN’s commitment in meeting the foreign exchange request of travellers 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.CBN's Governor Godwin Emefiele

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.

The CBN spokesperson maintained that there is enough supply of foreign exchange to banks to meet the needs of Nigerians, and no Nigerian with genuine need has ever been turned back.
READ ALSO: Production Is The Only Way To Grow Our Economy Successfully- Emefiele

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He also said the ban on FX sales to Bureaux De Change (BDC) operators is not sustainable in the long run, as the rate in the CBN-unrecognised parallel market was not the reference rate of the naira.

Nwasinobi added;

Such a practice was not sustainable in the long run, considering that many of the BDCs had since deviated from the purpose for which they were issued licenses 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. Central Bank Reduces Intervention Interest Rate From 9% To 5%

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Photo Credit: Getty

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