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The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has been queried by the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, over allegations of fraud, supported by several documents.
Malami in the query, demanded “prompt response” to the allegations, “to enable us to advise the Presidency and take appropriate measures.”
The query was titled: ‘Allegations of racketeering in the Central Bank of Nigeria; Disparity in allocation of foreign exchange.’
The Minister in the letter, said he became aware of the corruption allegations through several petitions.
The letter partly read: “Some of these petitions have been supported by several documents, allegedly showing that the Central Bank has implemented a questionable policy in its allocation, and sale of foreign currency to Nigerians.
“It is further alleged that this arbitrary allotment of different exchange rates for same purposes at the same time, is being pursued as policy by the Central Bank of Nigeria.
“Also attached is a report of the October 2016, allocation of conflicting foreign exchange rates by the Central Bank.
“In view of these allegations of corruption and arbitrary allocations of foreign exchange to a certain class of persons, you are kindly requested to comment on these allegations, to enable us to advise the Presidency and take appropriate measures, as may be dictated by the circumstances of the case.”

Recall, that media reports, relying on the document tiled: ‘Bank utilisation report on 60:40 rule for October 2016’, which was attached to Malami’s letter sent to the CBN Governor, had raised allegations of corruption and the implementation of questionable foreign exchange allocation policy.
In October 2016 alone, as revealed by the document, no pattern or template could be deciphered to have been used in calculating the exchange rates.
The criteria used in selecting the firms or sectors for which certain volume of foreign exchange was allocated and at what rate, could not be pinned to any template.
The 1,312-page document, revealed the names of various customers, their corresponding addresses, form numbers, amount allocated to them (in United States dollars), the items or purposes, the sector, and the banks used for the month of October alone.
It shows how some companies and individuals got foreign exchange in US dollars, at the rates as low as low as N0.61 to $1, while others got it in rates that were as high as N470 to $1.
According to Punch, an individual got $4,327 at the rate of N23.34 to $1, through “credit card payment” for “invisible” purpose and under “invisible sector”.
A bank also got $3,589.11 at the rate of N3.19 to $1, also for “invisible” purposes and under “invisible” sector.
There was a transaction involving the sale of $66.72 at the rate of N0.62 to $1.
There was also a sale of $5.56 to a company at the rate of N0.61, also for “invisible” purposes.
A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1.
The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments, and medical travel, among others.

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