Emefiele: CBN Will Continue to Support Nigerians Involved in Legitimate Businesses

The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this interview after last week’s Monetary Policy Committee meeting spoke about activities in the foreign exchange market and the upcoming Central Bank Digital Currency, commonly known as the eNaira. James Emejo and Dike Onwuamaeze bring the excerpts:

I remember a deputy governor in central bank calling me at Zenith Bank saying that can’t you see the black market rate is going up but we found out that your bank is not coming to take dollar to sell. Come and take dollar to sell and pump into the black market and the illegal market.

If they sell to you mistakenly because you hoodwinked them to sell to you and after two weeks they checked and found that you canceled your ticket or your visa is fake, they will call you because you are their customer; they have your BVN, they have your number – they will call you to return the dollar.

Yet, here in Nigeria, he and the company have over 25 bank accounts with about eight banks in both naira and dollar with significant turnover also showing him simply milking the system through speculative information activities on the naira and collecting his proceeds in cash through a particular ATM in London. Our preliminary findings suggest that this website was built and is being used purely for purpose of foreign exchange manipulation and speculation.

Let me start with the e-naira side of it. Yes, e-naira is scheduled to be launched on October 1, 2021, and we have all the approvals and mandates to launch. But it is important to understand that the e-naira is not a one-off, it is a journey that starts on October 1. October 1 marks the beginning of e-naira journey. On October 1, a Nigerian should be able to download the e-naira app from either Google plays store or apple app store.

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Gumi

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