CBN assures manufacturers of forex supply

The 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.
Meanwhile, representative of Idah/Igalamela-
Odolu/Ofu/Ibaji Federal Constituency of Kogi
State, Hon. Emmanuel Makoji Egwu, has only
warned that economic recession can only be
tackled through targeted policies.