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'We assure Nigerians that CBN will not succumb to blackmail'- CBN responds to Wailing Wailers Group accusations

The ‘Central Bank of Nigeria (CBN)’ has reacted to allegations made by the Wailing Wailers Group who accused the CBN of fraudulent Forex trading, manipulation of Forex, racketeering and round-tripping, illegal funding of Federal Government budget as well as shortchanging of Money Deposit Banks' reserve ratio.

According to CBN, the allegations made by the Wailing Wailers Group is an act of blackmail because they are completely false and fabricated.

CBN Director for Corporate Communications, ‘Isaac Okoroafor’ slammed the group for such allegations, adding that they were paid agents of enemies of the Nigerian economy.

Isaac Okorafor said;

"It will be economically suicidal for the CBN to allocate our scarce forex to those who will engage in another escapade in senseless importation, which will again discourage our local producers who have borrowed money to engage in agriculture and local manufacturing".

"It will be dangerous to our peasants in the rural areas and indeed to masses of Nigerian workers who are on fixed incomes for the CBN to allow speculators to drive the value of the naira to any level just for the selfish gains of the sponsors of these arrangee protests. We assure Nigerians that CBN will not succumb to blackmail".

Okoroafor further accused the group of trying to cajole the CBN into folding its arms to allow currency speculators drive down the naira to a point where they can take control of the country's economy, adding that the CBN would not fall for such moves.

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