In reaction to allegations of former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Alhaji Sanuasi Lamido, the CBN said it does not allocate United States dollars as it has set up an interbank foreign exchange market for anyone interested in buying the foreign currency through Deposit Money Banks.

In a statement issued by the Acting Director, Corporate Communications, of these apex bank, Mr. Isaac Okorafor, said “There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as Western Union and MoneyGram, there is the Bureau De Change rate, and there is a special rate that you get when you call the CBN for a transaction.”

Okoroafor had alluded to reports credited to the Emir of Kano, Sanusi Muhammad II, last week that the country’s foreign exchange management lacked credibility. Sanusi spoke at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

The statement said “There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as Western Union and MoneyGram, there is the Bureau De Change rate, and there is a special rate that you get when you call the CBN for a transaction”.

“It is not true that the CBN allocates dollars. There is nowhere in the world that the central bank sits by and allows vicious speculators to solely distorting the value of its currency endlessly,” CBN said.

Okoroafor added further that all central banks intervene to buy or sell in the market to ensure that local currencies are protected from dubious attacks.

Okorafor said, “The channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians are open. It is rather unfortunate that some people have chosen to play to the gallery and to make statements to disparage those in leadership at this time in total insensitivity to the larger interests of the Nigerian economy.

“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public offices in the past but failed to act in the long-term interest of the Nigerian economy. It is easy to criticise from outside.”

“The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes and are the core victims of naira depreciation.

“Already, Nigerians are waking up to the call to be more productive and look inwards, and to be less dependent on the importation of foreign goods and services.