The Human and Environmental Development Agenda (HEDA) have threatened to take legal action against the Central Bank of Nigeria (CBN) for refusing to provide details on the exchange rate differential schemes in the country and the beneficiaries.
HEDA had in October, 2019 wrote a letter to the Central Bank of Nigeria using the Freedom of Information Act to solicit the apex bank in the country to furnish it with a detailed breakdown of the schemes created to sell the dollar at a subsidized rate.
The Human and Environmental Development Agenda asked CBN to give “the value of the amount that has been given out so far for each scheme; the breakdown of the value per sector; and the comprehensive information on the beneficiaries of the various schemes inclusive of the FOREX intervention scheme.”
In response, the CBN said it was not in possession of the information requested by HEDA. We refer to your letter dated 28th October, 2019 on the above subject and regret to inform you that the management of the bank is unable to consent to your request for the fact that the bank was neither involved in the pilgrims’ subsidized exchange rate nor operated a subsidized exchange rate scheme,” CBN replied.
Not being pleased with the response, HEDA said it would be instituting a legal case against the Central Bank of Nigeria compelling the bank to make public the exchange rate differential scheme and beneficiaries. Olanrewaju Suraju, the Chairman of HEDA, in an interview with the Newsmen, said the CBN indicted itself by saying it lacks information of how funds are being disbursed in the country. He stated that there are evidences that the funds were being mismanaged by certain people.
Olanrewaju Suraju said, HEDA is in the process of filing a legal action against the bank to obtain the information requested. “The bank stands indicted with that response. How can a central bank claim lack of access to information on funds disbursed. “We have intelligence report to the effect that these funds were mismanaged and doled out to secure favourable consideration for request of the CBN governor at the parliament and even presidency. These are public funds and we deserve information on the usage and beneficiaries.