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‘Do not hoard forex’ – Manufacturers ask banks to comply with CBN’s directive

The Manufacturers Association of Nigeria (MAN) has called on commercial banks to comply strictly with the Central Bank of Nigeria (CBN) directive on the sale of foreign exchange to eligible customers.

This was made known on Friday by the chairman, Edo/Delta chapter of MAN, Okwara Udensi during an interview with NAN on Friday in Benin, Edo state capital.

Recall that the CBN on Tuesday announced that it would discontinue sales of FX to BDCs.

Godwin Emefiele, governor of the apex bank, had accused BDC operators of becoming agents for illegal financial flows and working with corrupt people to conduct money laundering in Nigeria.

He said the CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.

Reacting to the new development, Udensi expressed optimism that the apex bank’s decision to channel foreign exchange allocations to commercial banks would strengthen the nation’s currency and reduce the prices of imported raw materials.

Udensi said the banks needed to assist the CBN in the implementation of the policy by not being involved in “sharp practices”.

“The banks should keep to their own obligations, we don’t want situations where the banks will hoard the foreign currencies and say they are yet to receive supply from the CBN,” he said.

Udensi further appealed to the CBN to give prompt response to bank customers with complaints as regards to access to forex through its toll free lines.

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