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Forex: We Don’t Sell To Individuals – CBN

Upon insinuations that it sold foreign exchange to individuals against its policy, the Central Bank of Nigeria (CBN) has debunked the position stating it does not sell foreign exchange to individuals or groups directly

Rather, the apex bank clarified that it sells forex in wholesale to banks who in turn resell to their customers at their discretion.

This clarification was sequel to news on the social media that an aide of President Muhammadu Buhari, Garba Shehu alongside the President’s wife, Aisha Buhari, bought forex at the official rate who then resold at the parallel market.

Garba alone was said to have bought $800,000 and resold at parallel market, a usual practice common with government officials.

Before the CBN could react, Garba took to his Facebook Page to say, “It is a lie.
According to him, “I had only two forex purchases since coming into government: Eight thousand Dollars (USD 8,000) sent to my daughter and nephews through UBA. This is verifiable.

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“I’m not a forex trader. The day I choose to start trading in forex, I will resign as Presidential spokesman.”
CBN reacted through its @UnofficialCBN, a twitting, “@cenbank never sold dollars at N185 – $1. Devaluations were from N155 to N167 and N197.

“CBN only does wholesale allocation to banks (Selling dollars to banks at wholesale). Only banks can determine customers they sell to.

“That’s how the Wholesale Dutch Auction System works. @cenbank does not sell dollars to any individual or group directly.”

It added that banks publish final recipients of dollars every week in all major newspapers as directed by the apex bank, so as to promote transparency.