Following the directive of the Central Bank of Nigeria (CBN) which ordered commercial banks and other authorized dealers in the foreign exchange to make sure they divert 60 percent of the total Foreign exchange purchases to the end users, new facts have emerged.
The exchange rate set in the released foreign exchange report for January was irregularly.
Although the CBN took this measure to ensure that a part of the Forex sales were being fed towards the importation of raw materials for the manufacturing sector. The remaining balance of 40 percent should be used to meet other trade obligations (visible and invisible transactions) according to the CBN.
In order to promote transparency and avoid doubts, authorized dealers are to publish weekly sales of foreign exchange to end users in the national newspapers. They are also to render statutory returns on same to the CBN regularly. Dealers were advised to comply by these set rules until they are advised otherwise.
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However, the January 2017 report on Foreign exchange utilization which obeyed the 60:40 rule set by CBN has caused quite a stir. The report was published on the CBN website with the names of the customers, their addresses, form number, amount in US dollars, the rate, item of import or purchase, sector and the bank where the transaction was done.
The report which is about 168 pages has 9,206 customers listed on it with a total amount of money set to be $989,610,369.78. Several banks were listed in the report in order to make Nigerians see how transparent their transactions are.
Everything would have been fine with this report but for the exchange rate set across some transactions. The recognized rates in Nigeria should be between three hundred and four hundred depending on the strength of Naira as against dollar.
The irregularities of the rate however, made Nigerians raise eyebrows at the operations. Some dealings had as low as 2. 72 set while some had 46.32 recorded.
This irregularity was noticed by a Facebook user identified as Babatunde O. Gbadamosi, who tried calling the attention of the DSS to the matter. He laid more emphasis on lines 1015 and 1069 and drew the attention of the public to the other irregularities in the report.
Being a typical Nigerian, he urged people to download the document before it would be taken off the site. The report also called the attention of people to the fact that there is money in the country as against the cries of recession being heard in every corner.
Nigerians are befuddled that some transactions could be done at ridiculously low rates of 2.72, 36, 23, 2.75 while some dealings were done with rates as high as 430 and 380. They think it would be good for the government to clarify issues and let them know when the rates were that low.
The screen shots of some of the pages with the irregular and weird exchange rate are found below. The green arrow sign would help show where the marks are.
Find some of the pages below:
1. Irregular rates recorded
The Foreign exchange report released for January 2017 has caused a stir.
2. Some rates were set at odd prices
Screenshot showing the ridiculously low exchange rate.
3. An all time low rate of 2.72 was set here
Screenshot showing the line where the rate of 2.72 was set.
4. These rates were recorded at CitiBank
Screenshot showing other places where awkward rates were set.
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5. The other rates were within 300 except the one in green
Screenshot showing irregular rate recorded in the Foreign exchange rate released for January 2017.
The full report for the Foreign exchange utilization for January 2017 can be viewed here.
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