HIDDEN AND FRAUDULENT FOREX POLICY BY GODWIN EMEFIELE AND IBE KACHIKWU
The CBN Governor and Minister of State of Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation have decided to sabotage the effort of the FGN on the recently implemented Flexible FOREX policy by instructing the IOCs (International Oil Companies) to sell dollars to specific companies and individuals through an appointed bank using a centralized exchange rate system to be advised by CBN and NNPC each time the IOCs are selling. This act is an effort to rubbish Flexible FOREX policy as the major contributors of FOREX are the IOCs. The implications of this fraudulent act by NNPC and CBN in enriching themselves are as follows:-
• There will be serious scarcity of FOREX in the interbank that should be readily available for the genuine users as Emefiele and Kachikwu are selling to their cronies.
• Naira will continue to fall against the dollar in the interbank market as the major contributors (IOCs) are not selling to the market but directly to Emefiele’s and Kachikwu’s allies through the bank.
• The cost of Importation of major items will continue to skyrocket as dollars are not available to the genuine sector.
• The cronies and allies of Emefiele and Kachikwu will continue to buy cheap dollars thereby enriching themselves
• NNPC is using it regulatory power to intimidate and suppress the IOCs to succumb to their fraudulent request.
• Another fuel scarcity is looming as dollar will not be available for petroleum importers.
• What the President is trying to achieve is being sabotage by Emefiele and Kachikwu, by bedeviling the interest of Nigeria and enriching their pockets.
We call on the President Mohammadu Buhari to restrain Emefiele and Kachikwu in carrying out this fraudulent act for the betterment of Nigerians.

Salihu Daramola