{"id":84943,"date":"2021-09-21T13:49:09","date_gmt":"2021-09-21T12:49:09","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=84943"},"modified":"2021-09-21T13:49:09","modified_gmt":"2021-09-21T12:49:09","slug":"cbn-reacts-to-calls-for-emefieles-resignation","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/21\/cbn-reacts-to-calls-for-emefieles-resignation\/","title":{"rendered":"CBN reacts to calls for Emefiele&#8217;s resignation"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has dismissed calls for the resignation of its governor, Godwin Emefiele over issues relating to the exchange rate of the naira.<\/p>\n<p>Recall that the CBN in July stopped sale of foreign exchange (FX) to earlier authorised Bureau De Change operators (BCDs).<\/p>\n<p>Emefiele recently said<span data-preserver-spaces=\"true\"> the only recognised foreign exchange market is the importers and exporters (I&amp;E) FX window.<\/span><\/p>\n<p>According to <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/17\/enaira-cbn-to-own-major-stake-in-bitt-inc-says-emefiele\/\">Emefiele<\/a>,<span data-preserver-spaces=\"true\"> the monetary authority is investigating Oniwinde Adedotun and abokiFX Limited over<\/span><span data-preserver-spaces=\"true\">\u00a0\u201cillegal foreign exchange transactions\u201d and its mode of data information.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decision was condemned and strongly criticised by some <\/span><span data-preserver-spaces=\"true\">Nigerians across social media platforms \u2014 while others called for the resignation of the apex bank chief over persistent fall in naira rates<\/span><span data-preserver-spaces=\"true\">\u00a0against foreign currencies at the black market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking with journalists on Monday in Abuja, Osita Nwanisobi, the apex bank\u2019s spokesperson, alleged that \u201cthose behind such calls were only pursuing their selfish agenda fueled by those who had long benefitted from rent-seeking practices in the parallel forex market\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, the CBN would not be distracted in its mandate by yielding to selfish tendencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He urged the banking public to disregard claims aimed at impugning the reputation of the bank, adding that the bank remains committed to carrying out its mandate for the good of the Nigerian people.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nwanisobi also assured citizens of the CBN\u2019s commitment to meeting the foreign exchange request of travellers with legitimate needs as they relate to travel allowances, payment of tuition and medical fees, among other invisibles.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He noted that there was enough supply of foreign exchange to the banks to meet legitimate demands from customers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The spokesman said no customer requiring foreign exchange for genuine transactions would be turned back by their banks.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking further on the ban on FX sales to Bureaux De Change (BDC) operators, Nwanisobi said that \u201csuch a practice was not sustainable in the long run, considering that many of the BDCs had since deviated from the purpose for which they were issued licenses in the first instance.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He insisted that \u201cthe rate in the CBN-unrecognised parallel market was not the reference rate of the naira, so Nigerians should be wary of the activities of speculators who sought to manipulate the market for unpatriotic reasons.\u201d<\/span><\/p>\n<p>On Monday, the naira dropped to N575 at the black market and N413 to the dollar at the I&amp;E forex window.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has dismissed calls for the resignation of its governor, Godwin Emefiele over issues relating to the exchange rate of the naira. Recall that the CBN in July stopped sale of foreign exchange (FX) to earlier authorised Bureau De Change operators (BCDs). Emefiele recently said the only recognised foreign exchange [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":83461,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[18369,658,18368,3108],"class_list":["post-84943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bureau-de-change-operators","tag-cbn","tag-foreign-exchange-fx","tag-godwin-emefiele"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN reacts to calls for Emefiele&#039;s resignation<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has dismissed 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