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CBN battling forex cabal currently pushing FG to reverse forex policy —CBN

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After months of quietness, the Central Bank of Nigeria (CBN), has opened up on what it has been passing through since it introduced the latest forex policy, saying a cabal made up of highly placed Nigerians are seriously funding moves to frustrate the policy which has been growing external reserves.

A statement issued by the Acting Director, Corporate Communications at CBN, Mr. Isaac Okoroafor, said “Intelligence reports at the disposal of the bank reveal the involvement of some influential interests funding the push to have the CBN and the Federal Government reverse the FOREX policy, which is aimed at conserving foreign exchange and also promoting exports.

“The Central Bank of Nigeria (CBN) has observed with great concern the continued and unwarranted attack on its policies by a group of Nigerians, whose real interest, findings have shown, is self-serving and unpatriotic.

“While the CBN respects the rights of every Nigerian or stakeholder to their respective views, it finds it curious that certain interests have remained persistent in their move to misinform the larger public, with the intention of discrediting genuine efforts at managing the economy, thereby creating panic within the financial system.”

Though CBN failed to name the members of the powerful interest, analysts say beyond rhetoric, the naira needs a strong recovery policy. Pointer to this idea was given by the Vice President in his comments during the recently ended World Economic Forum (WEF) in Davos, Switzerland.


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