When Emir Sanusi Lamido voiced his concern for disparate exchange rates in the FOREX market, President Buhari said Sanusi lacked information.
Well, here is a fool proof that the CBN has been implementing a questionable and corrupt FOREX policy allocation.
Documents made available to us reveal the arbitrary fixing of different exchange rates for transactions.
The document shows no applicable pattern used in calculating exchange rates.
The rates varied for companies, individuals, and who backs them.
Please remember this is being done under the change mantra of the Buhari led administration.
The report shows that some companies were allocated forex at exchange rates as low as N0.61 to $1.
While others received forex at exchange rates as high as N470 to $1.
The report also reveals the allocation of forex to individuals and companies for various reasons.
Some were for importation, family maintenance, mortgage payments, medical travel and school fees.
Our source says Buhari’s cabals collect FOREX from CBN and resell at black market exchange rates.
This was the same thing that Emir Sanusi Lamido complained about before he was threatened with arrest.
CBN’s policies have currently led to a disparity between the official exchange rate and the parallel black market rates.
For instance, CGC Nigeria Limited received an allocation of $81,392.59 at an exchange rate of N47.50/$1 to import floor drains.
In a stark contrast, Lafarge Africa Plc paid an exchange rate of N428/$1 to get $987,214.18.
Nigerian Breweries was able to purchase $3193 and $1272 for the purchase of “Raw Materials Hi Cone” at N1.20/$1.
MACADAMS Baking Systems Limited purchased $57,365.02 for the purchase of baking ingredients at N23/$1.
Meanwhile, the Chairman of the Board of Directors of MACADAMS is Chief Adegboyega Awomolo (SAN).
Chief Awomolo is also currently counsel to Independent National Electoral Commission, INEC.
The disparity in exchange rate also applied to individuals.
For instance, Adebolanle Badejo purchased $4,372.05 at N23.34/$1 to service credit card payments.
Farida Hassan Gimba purchased $14,621 at an exchange rate of $48/$1 for educational expenses.
Abas Alhassan was able to purchase $805.73 at N85.24/$1 to make mortgage payments.
In stark contrast, Akintunde Rowland Babatunde purchased $1,972.60 at an exchange rate of N404.84 for the same purposes.