In a swift reaction to the Senate’s claims that it is selling dollars to some businesses at an unofficial rate of N200 and so it should do the same for pilgrims, the Central Bank of Nigeria denied allocating dollars at N200 to any business.
“It is not true,” CBN spokesperson, Isaac Okorafor said on Friday.
“We (CBN) are not selling FOREX to anyone at N200 to the dollar. The lowest rate in the entire market is the inter-bank rate, which ranges between N305 to N315,” he explained.
With the introduction of the flexible FOREX policy, the CBN was partially stripped of the powers to intervene and fix the exchange rate of the Naira against any currency. The exchange rate is determined by market forces.
