The Center for Fiscal Transparency and Public Integrity (CFTPI) has expressed concern about the continuous performance of the Naira, despite several monetary policy reforms, including the flotation of the currency and interventions by the Central Bank of Nigeria (CBN).
CFTPI Public Relations Chief, Victor Agi, in a statement, said that the persistent weakness of the Naira against the dollar has continued to feed inflation and deepen the economic difficulties for common Nigerians.
The situation, according to the civil society organization, questions the transparency and effectiveness of the key actors in the currency market, particularly to the operators of the Office of Change (BDC) and deposit money banks.
CFTPI reformulated his call to the CBN to publicly reveal the beneficial owners of all BDC licensed in Nigeria, saying that the lack of transparency around these entities creates space for regulatory abuse, political sponsorship and manipulation of the Forex market.
“Many BDC, originally intended to facilitate access to retail currencies, have become vehicles for round trips, arbitration and illicit financial flows,” Agi said. These practices not only distort the Forex ecosystem but also undermine public confidence in the CBN's ability to stabilize Naira and promote inclusive economic recovery. “
CFTPI highlighted the growing concern that some deposit money banks, which serve as intermediaries for these BDCs, are complicit in allowing commercial -round -round commercial activities that further weaken the interventions of Naira's policy and sabotage aimed at the stability of prices.
The center reiterated the need for CBN to strengthen its supervision mechanisms and guarantee that access to currencies is governed by equity, merit and traceable transactions, instead of rear door treatment that benefit some at the expense of millions.
Emphasizing that a solid monetary policy cannot prosper in the absence of transparency, the organization said that the continuous weakening of the Naira, despite all economic adjustments, suggests that Nigeria “still does not address the real problem: an opaque and manipulated currency market.”
CFTPI emphasized that until the issue of transparency of property and regulatory application is addressed, Nigeria's Forex market will remain vulnerable to exploitation, and efforts to stabilize the economy will continue to be largely cosmetics.
“The CBN must be clean about who controls the BDC and hold the banks that allow the round excursion. To restore confidence in the Naira, the bold tax and institutional reforms that prioritize responsibility and the opening must go hand in hand,” the statement added.
Read too Main stories OF Nigerian tribe