• Sun. Jun 4th, 2023

    CBN will meet all legitimate demands for FOREX – Emefiele

    ByBassey Udo

    Sep 20, 2021


    The Central Bank of Nigeria (CBN) says it is committed to meeting legitimate demands for foreign exchange even if it exceed its transaction limit.

    The spokesperson of the CBN, Osita Nwanisobi said on Monday that all requests for foreign exchange by travelers with legitimate needs relating to travel allowances, payment of tuition and medical fees, among other invisibles would be met by the bank.

    Nwanisobi said there was enough supply of foreign exchange to the banks to meet legitimate demands for foreign exchange.

    Insisting that no customer requiring foreign exchange for genuine transactions would be turned back by their banks, the spokesperson urged the banking public to insist on their rights to be attended to as long as they possessed all the requisite documents to validate their request.

    On the willingness of the Bank to meet the demands of customers, the spokesman reiterated the assurance by the CBN Governor, Godwin Emefiele, that the CBN would not hesitate to approve foreign exchange for customers with legitimate demands, even if such requests exceeded transaction limit, insofar as the application was supported with specified requirements.

    Restating the decision of the Bank not to revisit the issue of allocation of foreign exchange to the operators of Bureau de Change (BDC), Nwanisobi argued that such a practice was not sustainable in the long run, considering that many of the BDCs had since deviated from the purpose for which they were issued licenses in the first instance.

    “The rate in the CBN-unrecognized parallel market was not the reference rate of the Naira. Nigerians must be wary of the activities of speculators who sought to manipulate the market for unpatriotic reasons,” Nwanisobi said.

    He said the CBN would not be distracted in its mandate to ensure financial systems stability by yielding to the selfish tendencies of a few to the detriment of the majority.

    Urging the banking public to disregard claims aimed at impugning the reputation of the Bank, the spokesperson said the Bank remained committed to carrying out its mandate for the good of the Nigerian people.

    He faulted claims by those calling for the resignation of the CBN Governor over issues relating to the exchange rate of the Naira.

    Those behind such calls, he said, were only pursuing their selfish agenda fueled by those who had long benefitted from rent-seeking practices in the parallel forex market, which he refused to recognize as a significant segment of the country’s FOREX market.

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