The House of Representatives on Monday summoned the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, over alleged sale of foreign exchange to International Oil Companies (IOCs).
Emefiele’s invitation by the House’s Ad hoc Committee on the Review of Pump Price of Petrol followed the committee’s rejection of the records of the foreign exchange transactions presented to it.
The committee, which continued its public hearing on the issue in Abuja, ordered that the CBN governor should appear with details of all beneficiaries of the foreign exchange deals.
He is also expected to give insight into the banks used by the apex bank in the transaction with the oil marketers.
While presenting the rejected record on behalf of Emefiele, the Director, Financial Market Department of CBN, Dr. Alvan Ikoku, told the committee why the bank acted as third party to oil companies and importers of petroleum products.
He said the CBN took over the purchase of dollars from the IOCs and began to sell directly to petroleum marketers seeking foreign exchange to import products.
The News Agency of Nigeria (NAN) reports that it was not revealed in the records how much the apex bank sold the currencies to the companies even when it stated that Emefiele determined the rate the currencies were sold to oil marketers.
The committee Chairman, Raphael Igbokwe, directed the CBN boss to come and explain the legal provisions that allowed IOCs to operate as financial institutions selling foreign exchange to Nigerians.