Falana Writes Central Bank Gov, Emefiele, Seeks Abolition Of Multiple Exchange Rates In Nigeria

Falana Writes Central Bank Gov, Emefiele, Seeks Abolition Of Multiple Exchange Rates In Nigeria

Human rights lawyer, Femi Falana has written the Governor of the Central Bank of Nigeria, Godwin Emefiele requesting information on the abolition of the multiple exchange rates in the country. 
Falana in the Freedom of Information Request sent to Emefiele, sought information with regards to plans taken to unify the exchange rates in the country.

Femi Falana, SAN.

The Senior Advocate made reference to remarks by Emefiele and Minister of Finance and National Planning, Zainab Ahmed where the duo noted that exchange rates would be unified around the I & E Window (NAFEX) exchange rate.
The FOIR addresses to Emefiele on May 24 reads, ”While speaking at a virtual investors Conference with the Federal Government of Nigeria organized by Citi Bank on June 23, 2020, the Governor of the Central Bank of Nigeria (CBN), Mr. Emefiele disclosed that the various exchange rates would be unified around the I & E Window (NAFEX) exchange rate.
“Furthermore, Mr. Emefiele dismissed activities in the parallel market as illegal business, adding that people patronizing the market are "doing dealings that are not recognized by authorities. 
”He said: "The CBN has always maintained that the black market is not a good determinant of the value of the naira. You'll find that people who are in a hurry and do not want to procure the kind of documentation required, will sometimes rush to those markets. But we have used the period of this pandemic to prove that anybody dealing in that market is dealing in an Ilegal business."
”The Minister of Finance and National Planning, Zainab Ahmed, confirmed the plan of the Central Bank of Nigeria (CBN) to unify the exchange rates in the country, The Minister, who spoke at the interactive session on the Medium Term Expenditure Framework (MTEF), organised by the House of Representatives Committee on Finance in Abuja on August 17, 2021, said the policy would end the multiple exchange rates that had bedevilled the country.
”In view of the foregoing, we hereby request you to furnish us with information on the date fixed by the Board of the CBN to end the multiple exchange rates regime and unify the exchange rates in the country.
”As this request is made under the Freedom of Information Act, 2011 you are required to furnish me with the requested information not later than 7 days upon the receipt of this letter.
”Please accept the assurances of my highest esteem and professional regards."

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Source: Falana Writes Central Bank Gov, Emefiele, Seeks Abolition Of Multiple Exchange Rates In Nigeria