Alleged $171trn Transactions On I & E Window False – CBN 

The Central Bank of Nigeria (CBN) has described as false the allegation that its transactions on the Investors and Exporters window (I & E) have reached the sum of $171 billion.

The apex bank explained that the I & E window is a platform where people trade in FX, but not an account.
Osita Nwanisobi, Director Corporate Communications of the CBN explained this in his reaction to the publication which claimed that transactions by CBN on the I & E window has hit $171 billion.

According to him, “the publication which claimed that transactions by CBN on the I & E window hit $171bn is false. The I & E window is a platform where people trade in FX, it is not an account. Banks come there to trade; CBN comes in also as an observer.

“We either buy or sell there because it is a platform. When amounts like these are heard of, I think it’s a little bit of a misunderstanding of what I & E window stands for because it’s a platform for trading and people come in there to buy, sell and stock”.

The CBN spokesperson, while commenting on the raging controversy on Stamp duty recovery committee said “we have been hearing these allegations, but they said N89 trillion stamp duty accumulated and the total assets for Nigerian banks is about N63 trillion and someone is claiming that fifty kobo accumulated to N89 trillion, how possible is it?

“If there is any committee in charge, that has nothing to do with us. The committee can do their work, but has nothing to do with the Central Bank of Nigeria (CBN). Our most concern is the N89 trillion because the total assets of all the banks in Nigeria is not up to that amount.

“The 40:60 (N100) ratio stamp duty is obedience to the law, because issues around stamp duty is obedience to the law. This is not about CBN, but obeying what the law says.

“CBN is the creation of the law, and that is why we say, CBN is an institution with statutory flavor. Our responsibility is to keep up with the law. The law states that the act on stamp duty must be obeyed, and that is what it does. We keep a record of all transactions, that is why whenever we hear such allegations, we are shocked”.

Mr. Nwanisobi further stated that the committee is not approved by CBN, and was not set up by the apex bank, despite it being empowered by President Muhammadu Buhari, stressing that the issue of the committee has been addressed.