Business Hilights
Tracking Nigeria's Headline Business News Online

‘CBN should first investigate its officials in forex manipulation before commercial bank chiefs’

The recent report that the Central Bank of Nigeria (CBN) is watching closely the activities of top officials of commercial banks allegedly involved in illegal foreign exchange transactions has drawn reactions from Nigerian who argue that the investigations should start from the directors level at the apex bank.

Business Hilights recalls that during the heat of galloping lose of value by naira to dollar about few months ago; there were rumours that top officials of the CBN own Bureau De Change by proxy.

Though the apex bank failed to respond to the rumours, industry observers say a successful currency round tripping always has one or two links with the central bank of a country and Nigeria cannot be an exception.

Currently, there are allegations, though not yet substantiated that activities of some top commercial bank officials were frustrating the CBN’s efforts aimed at converging the official and parallel market rates of the naira.

It would be recalled that the convergence had been the major target of the apex bank even though experts say mere injection of dollars to the market cannot do the magic of forex convergence.