Home BUSINESS CBN Denies Plan To Stop Sale Of FOREX To Banks

CBN Denies Plan To Stop Sale Of FOREX To Banks

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As against initial reports that the Central Bank of Nigeria (CBN) has denied plans to stop foreign exchange to Deposit Money Banks.

Godwin Emefiele had during an interaction with journalists present at the Bankers Committee meeting held on Thursday, February 11, 2022, the CBN will stop banks from coming to the CBN for foreign exchange and will direct them to the export proceeds market where they can match their import needs with export proceeds.

However, a senior executive of the apex bank who spoke to Nairametrics has disclosed that Godwin Emefiele was misquoted.

The CBN Executive explained that the Governor was merely painting a hypothetical scenario that should have been the ideal state of affairs if banks focused more on export proceeds as a source of forex rather than depending solely on the CBN.

“The CBN is an institution and does not make policy based on verbal responses to a question. The Governor was only responding to a question and was painting a hypothetical scenario. So, there are no plans to stop the sale of forex to banks this year. Such plans are usually well-crafted policies that go through several consultations especially with banks before they are even made public. Recall, we just got out of a meeting with top bank executives where several presentations were made by several committees and nowhere was the issue of stopping the sale of forex to banks discussed,” the CBN official said.

Meanwhile, Kemi Christina Abdul has been appointed New York-based Sustainability, Digital, Energy, and Infrastructure Investor.
She announced this via her LinkedIn handle saying, “I am deeply honoured and excited to have been appointed, by the Central Bank of Nigeria, to serve as a board of director of InfraCorp. I look forward to working closely with other members of the board, many of whom are trailblazers in their respective fields.”

“InfraCorp is gearing up to change the face of infrastructure in frontier markets and enable economic growth. Infrastructure is the most potent economic enabler.”

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