EFCC Arrest 2 CBN Directors Responsible For Naira Fall Against Dollar

Economic and Financial Crimes Commission (EFCC) have arrested two directors of the Central Bank of Nigeria.

PUNCH reports that the directors were arrested for Forex manipulation. An EFCC source said, “We have arrested two directors of the CBN in connection with forex manipulation. We believe that it was the activities of these individuals that contributed to the dollar scarcity and the weakening of the naira.

“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 CBN has since denied the arrests. Acting Director, Corporate Communications Department (CBN) Isaac 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.

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