CBN Assures Customers Of Banks’ Compliance On Forex Supply
The Central Bank of Nigeria has assured members of the public that it has implemented monitoring mechanisms to ensure that deposit money banks fulfill the legitimate foreign exchange demands of customers.
This follows the apex bank’s directive to commercial banks to commence the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance and medical and tuition fees.
The assurance was given by the apex bank’s acting Director in charge of Corporate Communications, Osita Nwanisobi, on Monday in a statement issued by the bank.
Speaking with business correspondents in Abuja on Monday, Nwanisobi disclosed that the CBN had put in place monitoring mechanism to guarantee the seamless sale of forex to customers who supported their requests with relevant documentation.
He added that the CBN had received the commitment of the banks, through their chief executive officers, that customers with legitimate requests would not be turned back.
He dismissed rumours making the rounds that the CBN planned to convert the forex in the domiciliary accounts of customers into naira to check purported shortage of availability of dollars.
The statement said, “Nwanisobi, while disclosing that the CBN never planned to tamper with the foreign exchange deposits in the accounts of customers, insisted that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market.
“According to him, at no time did the CBN ever suggest or imply that it would tinker with the foreign exchange deposits of customers.”
He, therefore, urged operators of domiciliary accounts and other members of the banking public to go about their legitimate forex transactions and disregard fictitious stories aimed at pitching them against the apex bank and triggering chaos in the system.
Meanwhile, legal practitioners under the aegis of the Lawyers In Defence of Economic Rights have backed the decision of the CBN to stop weekly supply of forex to Bureau de Change operators in the country.
LIDER, in a statement on Monday by its Head, Mr Chisom Nduka-Edede, said the decision by the CBN was commendable and a right step in the right direction towards stopping the “act of robbing Peter to pay Paul”.
The group said the action by the apex bank was meant to streamline Nigeria’s forex market and bring sanity to the foreign exchange system.
According to LIDER, the development can also be described as ‘using one stone to kill many birds’ by tackling corruption, money laundering and terrorism, among other societal ills bedeviling the nation.
It said, “With this noble decision, Emefiele and his team have fired bazooka at corruption, money laundering and terrorism.
“This decision is not only commendable but also courageous. It is meant to end illicit transactions and corrupt brief case billionaires.
“We admit that like any other good policies, this policy can cause temporary discomfort; but in the long run, the gains are enormous and will be permanent.”
