The Central Bank of Nigeria, CBN, has retained Monetary Policy Rate, MPR, at 11.5 percent, and the asymmetric corridor of +100/-700 basis points around the MPR.
Godwin Emefiele, the CBN Governor, who briefed the press at the end of the Monetary Policy Committee, MPC, meeting in Abuja, on Friday, September 17, 2021, announced that the Cash Reserve Ratio at 27.5 percent and 30 Liquidity Ratio were equally maintained.
According to him, the MPC retained the MPR, along with other parameters, in its decision to allow the necessary stability for policy objectives to come.
Emefiele also said that the CBN would go after illegal operators in the foreign exchange market with a view to halting them from frustrating the bank’s policy measures towards a stable Naira.
He also insisted that the decision to stop sale of foreign exchange to Bureaux de Change, BDCs, would be maintained, adding that selling Forex to BDCs was a bad decision in the first instance and that “the practice has stopped for good”
He said that forex sold to BDCs who in turn sell the same to criminals and terrorists to buy arms and ammunition used to terrorise members of the Nigerian public.
The CBN boss disclosed that the apex bank was investigating Aboki FX, as according to him, the operation of Aboki FX was tantamount to “committing economic sabotage”, adding, “we will get international security authorities after him.”
He added that Aboki FX website was being used for dollar manipulation, with an allegation, “Oniwinde is an illegal FX dealer”, and that he would “pay for it. If he doesn’t come out we will find him. We have engaged security authorities to go after him”.
The governor warned, “companies that patronises Aboki FX will be prosecuted”.
Emefiele added that the nation’s monetary authorities would not recognise any other Forex window except Investor and Export (I&E) Window.
Source: Vanguard
