EFCC allegedly arrests two CBN directors for Forex manipulations

EFCC allegedly arrests two CBN directors for Forex manipulations

The Economic and Financial Crimes Commission said it has arrested two directors of Central Bank for Forex manipulations.

According to Punch Newspaper, a local daily, the two men were taken into custody yesterday as at 7.30pm Nigerian time and they are being interrogated.

Punch quoted the EFCC agent who said:

Ironically, immediately we started investigating these chaps a month ago, the CBN reeled out a new forex policy which sought to flood the market with excess dollar and strengthen the naira.

“Already, we have searched their houses and recovered some sensitive documents. We have reason to believe that they may not have acted alone. We expect to make more discoveries as investigations continue.”

However, Isaac Okoroafor, spokesperson for the CBN denied the arrested, he told Punch that:

“This is not true. No director of the bank (CBN) has been arrested by the EFCC. The current activities of the CBN in the forex market is a result of months of study, monitoring and planning to tackle the activities of black marketers.

“We are succeeding and Nigerians are happy with us. No amount of false rumours and concoctions to ridicule and sabotage the success we have achieved will make us lose our focus at this time.”

The Nigerian Central Bank has faced public criticisms over its handling of the Forex policy. Recent moves taken by the apex Bank has seen the Naira appreciating against the Dollar, which in the short term has eased importation of raw materials and finished goods.