Group Urges CBN to Increase Manufacturers Forex Allocation

The Association of Corporate Affairs Managers of Banks and the Chartered Institute of Bankers of Nigeria have urged the Central Bank of Nigeria to increase foreign allocation to manufacturers to sustain forex management.

The national stakeholders made the call on Thursday, during a conference between the banking industry and the Organised Private Sector in Lagos with the theme, ‘Promoting synergy between the Nigerian banking industry and Organised Private Sector’.

A communiqué issued after the conference and signed by the ACAMB President, Rasheed Bolarinwa, urged the CBN to increase foreign allocation to the real sector by restoring the priority window.

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Given the crucial roles played by the two sectors in the overall growth of the national economy, stakeholders present at the conference unanimously agreed on the significance of strong collaboration and effective synergy between the banking sector and the organized private sector.

They urged the OPS to use the specialized development finance institutions set up by the government with active funding from CBN to take advantage of accessible funding.

The communiqué read: “The CBN should increase foreign exchange allocation to the real sector by restoring the priority window and dedicated access for manufacturers while members of the OPS should repatriate forex to enable the apex bank sustain its forex management.

“In order to foster greater understanding and knowledge of operations of each sub-sector of the OPS, Deposit Money Banks should develop in-house expertise through dedicated desks and requisite professionals of key segments of the OPS.

“Both the banking sector and the OPS must put national interest uppermost in their business relationships and avoid deliberate acts of sabotage in the guise of transactions.”