Illegal FX Operations: CBN places AbokiFX, others on red list, retains MPR at 11.5%

*To prosecute AbokiFX, patronisers 

Illegal FX Operations: CBN places AbokiFX, others on red list, retains MPR at 11.5%

The Central Bank of Nigeria (CBN), has placed illegal Foreign exchange, FOREX, operators in the country on red list, stating that their operations is frustrating its policy toward a stable Naira.

This is also coming as the bank retained Monetary Policy Rate (MPR), at 11.5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.

The CBN Governor, Mr. Godwin Emefiele, during a briefing with newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, noted that the Cash Reserve Ratio, CRR, at 27.5 per cent and 30 Liquidity Ratio were equally maintained.

The MPC retained the MPR , along with other parameters, in its decision to allow the necessary stability for policy objectives to come.

Illegal Forex operations

The Governor of the apex bank  disclosed that it would go after illegal operators in the forex market.

He stated that the decision to stop sale of foreign exchange to Bureaux de Change (BDCs) would be maintained.

He lamented that selling Forex to BDCs was a bad decision in the first instance and that “the practice has stopped for good”

He said that forex sold to to BDCs who in turn sell the same to criminals and terrorists to buy arms and ammunition used to terrorise members of the Nigerian public.

AbokiFX

The CBN boss noted that the apex bank was investigating AbokiFX.

He said: “The operation of AbokiFX was tantamount to  “committing economic sabotage”.

“We will get international security authorities to go after him.”

“Aboki FX website was being used for dollar manipulation, with an allegation, “Oniwinde is an illegal FX dealer”, and that he would “pay for it. If he doesn’t come out we will find him. We have engaged security authorities to go after him”.

The governor warned, “companies that patronises Aboki FX will be prosecuted”.

Mr. Emefiele added that the nation’s monetary authorities would not recognise any other Forex window except Investor and Export (I&E) Window.

 

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