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FOREX: CBN makes promises to MAN

Central Bank of Nigeria (CBN)

Central Bank of Nigeria (CBN)

 

Manufacturers Association of Nigeria (MAN) has been assured by the Central Bank of Nigeria (CBN) of improved foreign exchange(forex) supply to sustain its members’ production.

Mrs Tokunbo Martins, the Director, Banking Supervision of the apex bank made the disclosure on Wednesday 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.

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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.”

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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.

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

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