Disclose Foreign Exchange Subsidy Information to HEDA — Court orders CBN

Forum 11 months ago

Disclose Foreign Exchange Subsidy Information to HEDA — Court orders CBN

A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria, CBN, to provide the Human and Environmental Development Agenda, otherwise known as HEDA Resource Centre access to information relating to the country’s exchange rate subsidy.

HEDA obtained the ruling when the court decided on a suit it instituted in 2020 against the apex Bank after denying it (HEDA), access to the information, contrary to the provisions of the Freedom of Information (FoI) Act.

HEDA stated that it had initially submitted a comprehensive FoI request to the CBN in November 2020, seeking detailed information about the CBN’s schemes designed to sell the dollar at subsidized rates, such as the disbursed amounts under each scheme, sector-wise breakdowns, and beneficiary information related to the forex intervention scheme. It explained that CBN’s non-response to the request prompted it (HEDA) to drag the bankers’ bank to court.