Economy

You Are Wrong, Dele Momodu Tells CBN Gov over Statement on FOREX Rate

By Eric Elezuo

Celebrated journalist and Chairman Ovation Media Group, Chief Dele Momodu, has faulted the Central Bank Governor, Mr Godwin Emefiele for saying that the exchange rate is not N480 to one dollar as posited by financial analysts.

Emefiele had during a press briefing, challenged the analysts to prove their point, saying that “it is unfortunate and unfair that even analysts who are supposed to know, will play with numbers and begin to determine the exchange rate of our currency using parallel market,”

He went further to explain that “for the information of everybody, parallel market as we all know and the data that we have is a shallow market in Nigeria with no more than five per cent of market share. Parallel market is a tainted market in Nigeria where people who desire to deal in illegal foreign exchange transaction, including sourcing of efex cash for the purpose of offering bribes, corruption; that is where they deal.”

In his response through his verified Twitter account, Momodu informed the CBN governor that while the analysts are right, he was wrong.

Starting with his characteristic complimentary salutation, Momodu told the apex bank boss that “Nigeria under this government is a perfect example of George Orwell’s Animal Farm, where some animals are more equal than others.”

Momodu went ahead to remind the governor that only a minute few are privileged to access forex at official rate.

“Only the tiny but over-pampered cabal can get forex at official rate. Period…,” Momodu said.

Analysts have said that the naira as at the present is being exchanged at a whopping N480 to one dollar; a fact Emefiele, speaking on behalf of the Federal Government, said it’s untrue.

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