Two CBN directors arrested for forex manipulation that contributed to dollar scarcity and weakening of the naira

The Economic and Financial Crimes Commission has arrested two directors of the Central Bank of Nigeria for alleged forex manipulation and economic sabotage.

Impeccable sources at the EFCC told one of Punch correspondents on Wednesday that the directors were still in custody as of press time at 7.30pm.

It was learnt that the investigation into the CBN officials activities sent shockwaves round the apex bank.

The detective said the houses of the directors had been searched while incriminating evidence had been recovered.

A source at the EFCC, who wished to remain anonymous said, “We have arrested two directors of the CBN in connection with forex manipulation. We believe that it was the activities of these individuals that contributed to the dollar scarcity and the weakening of the naira.

“Ironically, immediately we started investigating these chaps a month ago, the CBN reeled out a new forex policy which sought to flood the market with excess dollar and strengthen the naira.

“Already, we have searched their houses and recovered some sensitive documents. We have reason to believe that they may not have acted alone. We expect to make more discoveries as investigations continue.”

When contacted,  the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, said no director of the apex bank had been arrested by the EFCC.

He said, “This is not true. No director of the bank (CBN)  has been arrested by the EFCC. The current activities of the CBN  in the forex market is a result of months of study, monitoring  and planning to tackle the activities of black marketers.

“We are succeeding and Nigerians are happy with us.  No amount of false rumours and concoctions to ridicule and sabotage the success we have achieved will make us lose our focus at this time.”

-Punch