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As naira gains strength against dollars, EFCC nabs 2 CBN directors over forex manipulations

Naira, Dollar

– Two directors of the Central Bank of Nigeria (CBN) were on Wednesday, March 29, arrested by officials of the Economic and Financial Crimes Commission

– The directors were arrested for alleged foreign exchange manipulation and economic sabotage

– An EFCC detective said incriminating evidence were recovered from the houses of the directors during a search operation

Two directors of the Central Bank of Nigeria (CBN) were on Wednesday, March 29, arrested by officials of the Economic and Financial Crimes Commission (EFCC).

Punch reports that the directors were arrested for alleged foreign exchange manipulation and economic sabotage.

Also, We gathered that the directors were still in custody as at 7.30 pm on Wednesday, March 29.

An EFCC detective said incriminating evidence were recovered from the houses of the directors during a search operation.

The detective who pleaded anonymity said the activities of the directors contributed to the dollar scarcity and the weakening of the naira against foreign currencies.

“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,” the detective said.

However, the acting director of corporate communication department at the apex bank, Isaac Okoroafor said nobody was arrested by the EFCC.

Okoroafor said: “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,” Okoroafor said.

Recall that the CBN through its new intervention has succeeding in strengthening the naira which overtime lost value among other currencies.

The intervention, the CBN governor Godwin Emiefele said will continue until naira sustains significant growth against the US dollars.

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