{"id":29748,"date":"2019-02-05T15:42:28","date_gmt":"2019-02-05T14:42:28","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=29748"},"modified":"2019-02-05T15:42:28","modified_gmt":"2019-02-05T14:42:28","slug":"cbn-denies-arbitrage-in-foreign-exchange-market","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-denies-arbitrage-in-foreign-exchange-market\/","title":{"rendered":"CBN Denies Arbitrage In Foreign Exchange Market"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) on Monday said there is no room for arbitrage opportunities in the foreign exchange (FX) market. The bank also assured Nigerians that it would continue to act in the best interest of the country.<\/p>\n

In addition, the banking sector regulator reiterated that it remains focused on its core mandate of sustaining the stability in the foreign exchange (FX) market. The bank stated this in a statement, while reacting to a news report on alleged FX racketeering in the Bank, saying the allegation was unfounded.<\/p>\n

The statement explained: \u201cThe management of the CBN wishes to react to the report that faceless agents in Nigeria are exploiting the country\u2019s multiple exchange rates to devastating effects and allegedly with the backing of regulators.<\/p>\n

\u201cThe CBN wishes to state unequivocally that this report is unfounded and untrue,\u201d even as it challenged BusinessDay to provide the names and also verifiable evidence of collusion between \u201cthese faceless agents and officials of the CBN, who are working to perpetuate these so called FX racket schemes.\u201d<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cAs most financial observers have noted, that the FX rates across various markets governed and regulated by the CBN, have been converging, leaving no room for arbitrage opportunities in Nigeria\u2019s FX market. \u201cFor avoidance of doubt, the CBN will continue to act in the best interest of Nigeria and shall ensure it remains focused on its core mandate of sustaining the stability in the FX market,\u201d it added.<\/p>\n

Photo Caption: Godwin Emefiele CBN Governor<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) on Monday said there is no room for arbitrage opportunities in the foreign exchange (FX) market. The bank also assured Nigerians that it would continue to act in the best interest of the country. In addition, the banking sector regulator reiterated that it remains focused on its core mandate …<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5217],"coauthors":[2391],"class_list":["post-29748","post","type-post","status-publish","format-standard","","category-business","category-metro","category-news","category-politics","tag-arbitrage"],"yoast_head":"\nCBN Denies Arbitrage In Foreign Exchange Market - National Wire<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) on Monday said there is no room for arbitrage opportunities in the foreign exchange (FX) market. The bank also assured\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-denies-arbitrage-in-foreign-exchange-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Denies Arbitrage In Foreign Exchange Market - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) on Monday said there is no room for arbitrage opportunities in the foreign exchange (FX) market. 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