FOREX Crisis: Emefiele Carries Out Minor Reshuffle At CBN

CBN123In a bid to reinvigorate the operations of the Central Bank of Nigeria, CBN, in light of the criticisms it has received over the handling of the foreign exchange administration, the CBN Governor, Mr. Godwin Emefiele, has reshuffled some of the Directors of the apex bank.
VANGUARD reports that the Director of Corporate Communications, Alh. Ibrahim Muazu, has been moved to the Strategy Management Department (SMD), leaving his Department vacant as no replacement has been named, as at yesterday.
The newspaper also reports that Dr. Alvan Ikoku was made the new Director, Trade & Exchange Department, TED, an area said to be very critical to the management of the foreign exchange market and requires someone who has earned the CBN Governor’s trust, to head.
Mr. Edward Adamu was appointed the new Director of Human Resources; Olasukanmi Gbadamosi, Director of the Legal Department; Chizoba Mojekwu, Capacity Development Department and head of the International Training Institute (ITI) Learning Centre.
It was learnt that since President Muhammadu Buhari recently laid part of the blame for the crisis in the FOREX market at the doorstep of the apex bank, some of its top management staff have not been at ease.
According to Buhari, they opened Bureaux De Change, which they use as conduit for round-tripping – the practice of obtaining forex from the CBN under false pretense, only to go and sell same at the parallel (black) market mainly through the BDCs.
A CBN source said yesterday that it was not possible for the directors to join issues with the president but that the information available to him [Buhari] may not necessarily involve all top management staff of the CBN in the unwholesome practice.

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