Campaign for Democracy (CD) on Sunday called on the National Assembly to, as an urgent matter of public importance, review the existing internal policies of the Central Bank of Nigeria (CBN) guiding FOREX in Nigeria to save the citizens.

The frontline human rights group made the call in a statement by its secretary general, Pastor Ifeanyi Odili, saying it was very unfortunate that the country’s currency, the naira, had suffered a huge depreciation since The CBN liberalized FOREX in favor of Bureau de Change (BDC) operators.

“It is very unfortunate that since the CBN liberalized FOREX in favor of the BDC Bureau de Change operators, Naira has suffered a huge depreciation,” the rights group said.

According to CD, the CBN’s internal arrangement for FOREX has caused untold depreciation of the Naira and economic hardship in Nigeria, adding that it has been reported that Nigerians in their country are struggling to access the foreign currencies that they owe. were sent to Nigerian banks.

“Instead of recipients to access their money in banks, they are directed to agents at exchange offices who in turn put foreign currencies at higher rates,” the group said.

“Sometimes in August 2021, the Central Bank of Nigeria (CBN), after its monetary meeting, we know that the CBN also said it was inundated with at least 100 new BDC applications per month, leaving us wondering which type of nation is Nigeria?

“The Nigerian economy is currently struggling with a low rate of economic growth, high inflationary pressures and exchange rate volatility. With high unemployment, Nigerians eager to work could not find jobs.

“It is in response to this national evil that the CBN has implemented a number of measures to revitalize the economy through its development functions.

“With this in mind, Monetary Authority Apex sold currencies to BDC operators in an effort to combat exchange rate volatility, but that goal was defeated,” CD said.

“The naira has depreciated against the world’s major currencies, especially the US dollar. The arbitrage between official and parallel market rates increased from around N50 in 2015 to N120 in 2016 and N90 in 2017. It was around N60 each in 2018 and 2019.

“Arbitrage has increased further to reach N75 in 2020 and N95 in 2021. What the above arbitrage opportunities mean is that a BDC gets $ 20,000 per week even with an arbitrage opportunity N50 will make a profit of one million naira per week, translating into N4 million per month and N52 million per year, ”the group noted sadly.

CD said only a few small and medium-sized enterprises (SMEs) make these kinds of returns each year, urging decent BDC operators across the country to call their lost colleagues to order.

He argued that this was even truer when 400 financiers of Boko Haram activities were arrested in April this year in Kano, Borno, Abuja, Lagos, Sokoto, Adamawa, Kaduna and Zamfara states, claiming that with This discovery alone made it necessary for the CBN and other security agencies to closely monitor BDC operations.

“Only a few small and medium-sized enterprises (SMEs) achieve this kind of return each year. The good BDC operators in the country should have called their lost colleagues to order.

“This was even truer when 400 financiers of Boko Haram activities were arrested in April this year in Kano, Borno, Abuja, Lagos, Sokoto, Adamawa, Kaduna and Zamfara states. Even with this single discovery, there was a need for the CBN and other security agencies to closely monitor BDC operations, ”the rights group said.

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CBN should review existing internal policies guiding FOREX – CD