You’re Unpatriotic, CBN Blasts Criticts Of Forex Policy

CBN suspends charges on large withdrawalsCBN suspends charges on large withdrawals

The Central Bank of Nigeria, CBN, has hit back at its critics who condemn its foreign exchange (forex) policy.

The apex bank has come under heavy attacks for pegging the naira at an artificially strong rate to the dollar despite strong inflationary pressure.

The naira can sell for almost 500 to the dollar on the illegal parallel market, while the government pegs its value to around 305 to the dollar.

Reuters reports that the policies of the CBN are aimed at conserving foreign exchange, stimulating agriculture and manufacturing and promoting exports, the central bank said in a statement.

Many have however disagreed with the central bank, arguing that its policies were creating more problems for the economy.

They have insisted that it has unduly enriched forex black market operators who secure the dollar at 305 naira and sell at almost 500 naira.

Even the intermediate past governor of the central bank, Emir Muhammadu Sanusi, has made similar allegation.

There allegation that many who are qualified to get the dollar from the CBN do so only to take it to the black market to exchange and keep the difference, instead of importing goods which the money was meant for.

President Muhammadu Buhari last year accused some directors of the bank of conniving with currency speculators, even though the government has not prosecuted any of such accomplice,