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The Central Bank of Nigeria (CBN) on Sunday denied reports that it allocates dollars unilaterally.
CBN Director in charge of Corporate Communications, Mr. Isaac Okoroafor, explained that the CBN had set up an inter-bank foreign exchange market, where anyone who wishes to buy foreign exchange could bid for and buy through their banks.
Okoroafor said: “It is not true that CBN allocates dollars. There is nowhere in the world that the Central Bank sits by and allows vicious speculators to solely distort the value of its currency endlessly”.
He added: “All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks.”
According to him, the channels for advice and contribution of ideas on the present economic situation by all patriotic Nigerians were open.
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