CBN Assures MAN of Improved Forex Supply

CBN Assures MAN of Improved Forex Supply

cbn-governorThe Central Bank of Nigeria (CBN) on Wednesday assured Manufacturers Association of Nigeria (MAN) of improved foreign exchange supply to sustain its members’ production.

Mrs Tokunbo Martins, the Director, Banking Supervision of the apex bank made the disclosure while addressing newsmen at the end of the Bankers Committee Meeting held in Lagos.

Martins said the bank would do everything possible to ensure that MAN members got the needed forex to buy raw materials for their production to revive the economy.

The apex bank, she added, would take proactive measures to ensure that nobody withdrew more than 50,000 dollars in a year.

She added that “the CBN in a bid to manage the demand of foreign exchange, ordered that nobody should withdraw more than 50,000 dollars in a year across the industry.

“The CBN has noted that some individuals were violating the rule and decided that violators who continue to do so will lose access to foreign exchange.”

The News Agency of Nigeria (NAN) reports that part of the measures the apex bank adopted in

easing liquidity challenges at the forex market is striking a deal between Travelex and Bureau De Change (BDC) operators.

Since the resumption in the sale of forex by Travelex, a licenced International Money Transfer Operator (IMTO) to BDCs, the Naira had continued to rebound across all segments of the market.

The arrangement, according to Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), had brought transparency into the forex distribution chain.

Gwadabe said the arrangement would lead to reduction in the gap between the parallel market rate and the official rate.

The Central of Nigeria (CBN) on Wednesday said commercial banks in the country had assured that they would halt retrenchment of staff and contribute to stimulation of the economy.

Mrs Tokunbo Martins, Director, Banking Supervision of the Central Bank of Nigeria (CBN) made the disclosure while briefing newsmen at the end of the Bankers Committee meeting in Lagos.

Martins said that chief executive officers of the banks reminded themselves of the role of banks in a challenging economy, with regards to lending.

According to him, the executive officers interfaced with key players in the pension industry on how the country can leverage on the huge opportunities in the sector to stimulate the economy.

He said that deliberation at the meeting centred on the safe investment of pension funds.

The News Agency of Nigeria (NAN) reports that there have been uneasy calm in the banking industry in recent time due to the retrenchment of bank staff.

As the retrenchment escalated, the Minister of Labour, Dr Chris Ngige, had a dialogue with banks authorities on how to end the exercise.

 

Post source : News Agency of Nigeria

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