Exclusive: Buhari Orders EFCC To Investigate CBN On Forex Trading

Advertisement

President Muhammadu Buhari has directed the Economic and Financial Crimes Commission EFCC to investigate the Central bank of Nigeria (CBN) on its foreign exchange policies.

The apex bank under the leadership of Godwin Emefiele has come under serious scrutiny in recent weeks as the naira continues to nose-dive in both the parallel and official markets.

The naira exchanged for between N562 and N570, and N412.06 in both the parallel and markets respectively as at last week.

Last week, the Central Bank of Nigeria (CBN) declared Oniwinde Adedotun, founder of AbokiFX ( is a website that publishes the parallel market exchange rate of the naira against other currencies) wanted, with directives that operations of the website be shut down for what it described as “endangering the Nigerian economy” and “manipulating the exchange rate.”

It was a move that was met with shock and mockery in many quarters as many Nigerians considered the leadership of the apex bank to be shifting blame for its inability to restore the strength of the naira.

This new directive for the antigraft commission to investigate the apex bank will not be the first time the presidency is actively questioning and controlling the foreign exchange policy of the Central Bank.

Last year, the president also directed the CBN not to provide forex for the importation of food items or fertilizer.

However, this move by the presidency beggars the question on if the EFCC which was set up to investigate financial crimes such as advance fee fraud (419) and money laundering amongst others, have the jurisdiction and constitutional powers to investigate the topmost financial and monetary regulatory body in the country?

Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *