Calls for Emefiele’s resignation: An outburst of grief, balderdash from beneficiaries of rent-seeking practices in Nigeria’s parallel forex market – CBN

“The CBN will not be distracted in its mandate by yielding to the selfish tendencies of a few to the detriment of the majority. The banking public should disregard claims aimed at impugning the reputation of the Bank as it remained committed to carrying out its mandate for the good of the Nigerian people’’

Burgeoning calls for the resignation of the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele over issues relating to the exchange rate of the Naira are nothing but balderdash and cries by those who have and are still benefitting from rent-seeking practices in the parallel forex market.

According to the apex bank authorities, those they have refused to recognize as a significant segment of the country’s forex market are behind the calls.

“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, which he refused to recognize as a significant segment of the country’s forex market.

“The CBN will not be distracted in its mandate by yielding to the selfish tendencies of a few to the detriment of the majority.

“The banking public should disregard claims aimed at impugning the reputation of the Bank as it remained committed to carrying out its mandate for the good of the Nigerian people,’’ a statement by the spokesman for Central Bank of Nigeria, Mr Osita Nwanisobi, a copy of which was given to Persecondnews on Tuesday, said.

Meanwhile, Nwanisobi has assured that the CBN remains committed to 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.

He noted that there was enough supply of foreign exchange to the banks to meet legitimate demands, insisting that no customer requiring foreign exchange for genuine transactions would be turned back by their banks.

Nwanisobi urged the banking public to insist on their rights to be attended to as long as they possess all the requisite documents to validate their requests.

Restating the stance of the CBN Governor on the willingness of the bank to meet the demands of customers, the spokesman said the banker’s bank would not hesitate to approve foreign exchange for customers with legitimate demands that exceed transaction limit insofar as the application is supported with specified requirements.

While foreclosing revisiting the issue of allocation of foreign exchange to the operators of Bureau de Change (BDCs), Nwanisobi argued that 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-unrecognized parallel market was not the reference rate of the Naira and we urge Nigerians to be wary of the activities of speculators who seek to manipulate the market for unpatriotic reasons.’’