The CBN Governor, Godwin Emefiele |
The Central Bank of Nigeria (CBN) yesterday shocked Nigerians when it blamed the continuous fall of naira in the foreign exchange market on moneybags in the country. The apex bank alleged that these moneybags are using about $20 billion in different domiciliary accounts to run the naira ground in the market.
The apex bank said that the monies, which were lying idle in the various accounts, were not being projected for any investment purposes by their owners, but subtly being used to weaken the value of the naira and invariably increasing the value of the idle dollars.
CBN’s Deputy Governor (Financial System Surveillance), Dr. Joseph Nnanna, made the revelation at an interactive session between the Ministries of Budget and National Planning, and Finance, CBN, Accountant General’s Office and major stakeholders on the 2016 budget.
He said some privileged Nigerians were the masterminds of the consistent slide in the value of the naira, since according to him; they have been embarking on dollar speculation to the detriment of the Naira.