From Uche Usim, Abuja
The Central Bank of Nigeria (CBN) has queried some deposit money banks (DMBs) for feeding it with inaccurate information on their foreign exchange (forex) sales.
Making this fact known in Abuja over the weekend, the Acting Director of Corporate Communications, Isaac Okorafor, said some affected banks have responded to the queries and cautioned that some of the figures were related to formatting errors, which do not affect the true rates of the affected transactions. Okorafor said the apex bank would continually enforce the 60:40 forex sales policy adopted in 2016 and which ensures the lion share for manufacturers, agriculturalists, plant and machinery owners and critical raw materials users, among others.
He added that, under the new arrangement, there are no irregularities in the rates at which foreign exchange was obtained by some individuals and companies from different DMBs. He noted that, to ensure transparency, the management of the CBN has directed DMBs to forward records of forex sale to end users and to advertise same in national dailies.
Okorafor dismissed reports in the media indicating irregularities in the purchase of forex, stressed that the CBN neither allocates foreign exchange nor deals directly with bank customers.
In a related development, the apex bank has begun disbursing the N50 billion earmarked for the revamping of textile sector. The CBN Governor,, Godwin Emefiele, disclosed this in Abuja during the first meeting of the Monetary Policy Committee.
He noted that it is the apex bank’s desire to see the sector revamped so that it can contribute not only to the growth of the nation’s economy but also in the employment of youths.