CBN creates forex window for investors, exporters

Paterniano Del Favero
Aprile 23, 2017

The Acting Director of Communication of the CBN Mr Isaac Okorafor was reacting to calls at the ongoing Spring Meetings of the International Monetary Fund here in Washington that Nigeria should float the naira and liberalise the market.

He said: "The call here in Washington that we should float the naira, liberalise the market; our market is extensively liberalised and the call to float the naira is a bit laughable in our case". Egypt has half of Nigeria's population, Egypts receives about 12 billion in foreign aids and several billions in tourism.

In a bid to strengthen the Naira rate and boosts liquidity, the Central Bank of Nigeria, CBN, on Friday opened a special foreign exchange window for investors and exporters.

We are 180 million people, our infrastructure is so poor and the productive capacity can not be fast enough to rise to benefit from massive depreciation.

The circular further clarified that the permitted invisible transactions and bills for collection were eligible to purchase foreign currency sourced from the CBN Forex window limited to Secondary Market Intervention Sales (SMIS) Wholesale (Spot and Forwards) only.

The CBN spokesperson said staff and even chief executives of banks could be punished where necessary, adding that the apex bank had already received series of complaints from bank customers, especially those that operate in the SMEs segment of the market that banks were frustrating their efforts at getting forex.

"The only way the we can make things better for Nigerians is for them to call the CBN whenever they are in trouble or whenever, or are getting frustrated by banks".

"The CBN shall also be a market participant at the window to promote liquidity and professional market conduct", he said.

The circular read in part, "You will recall that a directive was issued on the nationwide implementation of the cashless policy vide our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21, and BPS/DIR/GEN/CIR/04/002 dated March 16".

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