Executive Summary
BusinessDay reports a potential foreign exchange (FX) scheme in Nigeria, allegedly involving faceless agents exploiting multiple exchange rates with the backing of regulators. These agents, recommended by the Central Bank of Nigeria (CBN) for oil and non-oil exporters, reportedly profit by exchanging dollars for naira at N306 per dollar and selling the same dollars on the black market at N360, yielding substantial gains. BusinessDay estimates these agents could be making over N32 billion annually from crude oil exporters alone, with an additional N1.68 billion from non-oil exports. The CBN has denied these allegations, stating that there is no room for arbitrage, but sources within the banking sector claim that the practice is widely known.
- Alleged FX scheme could be costing Nigeria billions, raising questions about regulatory oversight and economic stability.
What Is Driving The Story?
- Multiple exchange rates.
- Regulatory oversight failures.