CBN, forex scams and economy - Punch Newspapers

THE continued downward spiral of the naira at the weekend, when it exchanged at N570 to one United States dollar, has upended the recovery efforts of the government and businesses and raised the spectre of economic collapse.

Decidedly, the economy is structurally deficient. Being import-dependent, reliant on a single commodity for most foreign exchange earnings, it has a weak industrial base and a centralising administrative system that stifles productivity.

The critical question is: who is manipulating the market? Insider abuse from the CBN? Or abuse of trust by commercial banks that a former CBN deputy governor, Obadiah Mailafia, says, “corner the dollars and only release whatever that is left after satisfying their interests?” Or perhaps, the BDC operators who Emefiele accused of making “abnormal profit from forex sales”? For another former CBN deputy governor, Kingsley Moghalu, high government indebtedness, traders’ attack, among other known...

On Friday, Emefiele announced the shutting down of a popular AbokiFX website, accusing it of operating “a forex market window beside the Investors and Exporters window.” AbokiFX flatly denied that, insisting the website “does not trade in forex.” The Emefiele-led CBN should stop playing political roles and the grandstanding that goes with them. As iBanFirst, a Brussels-based tech and financial services firm, asserted, “Central banks typically intervene to prevent large and rapid evolutions in the value of their currencies. This ensures that the latter are neither undervalued nor overvalued for a long time.”

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