Corrupt And Not Fit For Purpose- House Committee Summons Central Bank Governor To Explain Forex And Foreign Involvement

The House of Representatives has summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to explain how International Oil Companies got involved in the sale of foreign exchange to importers and marketers of petroleum products in 2016.

Marketers of petroleum products are aggrieved that they were unable to import products because they could not access forex. A complex and deemed to be corrupt system of accessing foreign currency. 

Igbokwe stated, “Marketers and importers of PMS, in particular, reported that they had difficulties in accessing foreign exchange to be able to import the products.

“That was why we invited the CBN to come here in the first place, but it will be interesting to hear from the governor the role of the IOCs in all of this.

“What CBN laws and financial regulations allow IOCs to trade foreign exchange to importers and dealers?”