How Godwin Emefiele manipulates Nigeria’s forex market

Have you noticed that the exchange rate on Nigeria’s interbank market has been very ‘stable’ for a while now? How come the market manages to close around or below N310 to $1 everyday. This is the work of Godwin Emefiele. His number one goal is to ensure that the exchange rate is ‘stable’ and he uses several means to achieve this including illegal methods.

Please be aware that the last transaction for the day on the interbank market is the rate for that day. For example, see below

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What the above rate of N304.75 to $1 means is that the last trade on the 11th of November was done at that rate. Any time you check FMDQ after the market has closed, any rate you see there is the last closing rate of the market.

Because this rate is what members of the public see, this is where Emefiele manipulates the market. How does he do this?

  1. We are asking any member of the public who has access to FMDQ or the Reuters system to check for a specific pattern. There are currently at least 120 fake trades on the system set up by Emefiele to manipulate the exchange rate.
  2. These trades are usually around $1.5m everyday around when the market closes. This is to make sure that such a trade is the closing trade for the day.
  3. What Emefiele does is to ‘sell’ $1.5m to a bank like Access at a very low rate everyday around closing time. The CBN will offer to ‘sell’ $1.5m to a bank at N305 and the transaction will be ‘closed’ and updated in Reuters.
  4. But these trades are never settled! The CBN does not sell any forex and the bank on the other side of the transaction does not buy anything. They are fake transactions put on the interbank system purely to manipulate the closing exchange rate.

This is what Godwin Emefiele is doing to Nigeria’s economy. He will happily destroy our economy and industries just to achieve an exchange rate he likes. For an institution like the CBN to be engaging in illegal activities like this is unbelievable.

Once again, we are asking members of the public who have access to Reuters or FMDQ to confirm these $1.5m transactions everyday around closing time. This is illegal, fradulent, criminal and completely unacceptable. Godwin Emefiele must go!

 

If you have any information on Godwin Emefiele you will like to share, please send an email to us at savenigeria@protonmail.com. Your anonymity is 100% guaranteed!

 

1 comment

    This has been known for years. It is called CBN intervention fund. Without this the exchange would have sky rocketed. CBN needs to inject more money to reduce the exchange rate

    Ggg | 6 months ago Reply

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