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CBN Denies Allocating Dollars


By Modupe Gbadeyanka

Contrary to what is being reported in some quarters, the Central Bank of Nigeria (CBN) has said it does not allocate Dollars unilaterally.

The apex bank made this clarification in a statement issued by its Acting Director, Corporate Communications, Mr Isaac Okoroafor, on Saturday in Abuja.

The CBN explained that it had set up an inter-bank foreign exchange market where anyone who wishes to buy foreign exchange could bid for and buy through their banks.

“It is not true that CBN allocates Dollars, there is nowhere in the world that the Central Bank sits by and allows vicious speculators to solely distort the value of its currency endlessly,” the statement said.

”All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks,” the CBN added.

The CBN decried the way some Nigerians chose to disparage those in leadership at this time in total insensitivity to the larger interests of the Nation’s economy.

The statement said the channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians were open.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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