Emefiele And Buhari Forex crisis at its peak

Emefiele Will Not Resign, CBN Fires Back At Critics

Last updated on August 5th, 2023 at 09:25 pm


As the domino effect at the foreign exchange market which is spearheaded by “Lieutenant-General” Godwin Emefiele continues, the apex bank says its boss would not resign.

Emefiele, a former Finance and Insurance lecturer and also an ex-GMD of Zenith Bank, has been at the centre of forex controversy following the humiliating value of the naira against its pairs at the FX market.

Some of his critics called for his resignation, but he insisted that he’s on course to bring back the glory of naira.


The Spokesman of the Central Bank of Nigeria, Mr. Osita Nwanisobi, said Emefiele’s critics should stop distracting

He described those behind the call for his resignation as individuals with ulterior motives, who were only pursuing selfish agenda.

No Going Back

Speaking further, the apex bank’s spokesman said the CBN would no longer allow a few individuals to dubiously exploit the parallel market popularly known as the black market among Nigerians.

He said meeting the legitimate foreign exchange request of Personal travel Allowance, payment of foreign schools fees and medical fees abroad is paramount to cleansing the rot in the forex market.

Again, the apex bank said he had sufficient reserve to meet foreign exchange demands.

On the sales of FX to Bureau  De Change operators, Nwanisobi said funding them was not sustainable in the long run, saying many of the BDCs had deviated from the purpose for which they were issued licences.

Also Read:  Choosing Currency Pairs to Trade in Forex in South Africa

Recall, CBN stopped the sales of forex to over 5,000 BDC operators in Nigeria on July 27, 2021, a decision that received mixed reactions from Nigerians.

Forex scarcity at the parallel market has however led to more depreciation of the Naira against the US dollar, Euro, and Pound Sterling among other currencies on Tuesday across the country.

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