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CBN to eliminate illegal FOREX traders, launches investigation into AbokiFX operations

* ‘We, the Central Bank, take our country’s dollars and sell to people to buy arms and ammunition to come and hurt us…’

THE Central Bank of Nigeria (CBN) has said it cannot continue to sell dollars to people who buy arms to hurt Nigerians.

Governor Godwin Emefiele stated this after the Monetary Policy Committee (MPC) meeting held in Abuja today.

Speaking after the meeting, Emefiele explained that the financial markets regulator is determined to eliminate the activities of illegal FOREX traders.

According to him, the CBN remains the only national bank in the world that “will dip its hand” in the country’s reserve to sell dollars to Bureau de Change operators in the market.

“Nobody ever mentions the rate of Bureau de Change in the city of London. It really beats my imagination that Nigeria carried on with this kind of practice that tended to support illegal activities of people who are involved in graft and corrupt practices,” he said.

“We have supported the activities of those who illegally buy foreign exchange from this illegal market, carry them in aircraft out of the country and go to buy arms and ammunition and bring them into the country to commit crimes.

“We, the Central Bank, take our country’s dollars and sell to people to buy arms and ammunition to come and hurt us. That is what we are saying that people want us to do, we cannot do that any longer.”

Emefiele also disclosed that the apex bank was investigating Aboki FX, as according to him, the operation of Aboki FX was tantamount to “committing economic sabotage”, adding, “we will get international security authorities after him.”

He further added that Aboki FX website was being used for dollar manipulation, and alleged that, “Oniwinde is an illegal FX dealer”, and that he would “pay for it. If he doesn’t come out, we will find him. We have engaged security authorities to go after him”. 

The governor also warned that “companies that patronise Aboki FX will be prosecuted”.

He also added that the nation’s monetary authorities would not recognise any other Forex window except the Investor and Export (I&E) Window.

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