Report Banks Hoarding FOREX, CBN Group Tells Nigerians

 

In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travellers and parents with students abroad to meet their obligations.

CBN Governor, Godwin Emefiele, stated this on Tuesday at the 278th MPC Press Briefing in Abuja.

He also said at least $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities.

He, therefore, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank.

The PUNCH had stated that the lingering foreign exchange shortage in Nigeria turned into taking a heavy toll on overseas lessons charge, as many parents and guardians groan over difficulty in paying their kids’s college prices.

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Business proprietors which includes airways have additionally lamented the shortage of forex mainly in the purchase in their spares.

But talking on Tuesday, Emefiele said, “Part of the measures that we've adopted is that on a weekly foundation, the CBN disburses not less than $80m to the banks both for Personal Travel Allowances or fee of college expenses.

“We have created a grievance table wherein you can name us or call a number of our folks that will reply. It is like name centres, wherein people can call that they went to a particular financial institution and that they didn’t get cash to pay school charges or they didn’t get money to travel.”

“There is no need for anybody to panic,” the CBN governor said, adding that nice indices including go out from recession, diasporan remittances and strong crude oil expenses, will buoy foreign exchange availability.

He brought, “We are very positive that there is enough foreign exchange and there will stay sufficient foreign exchange for humans to meet their responsibilities. We just need humans to be patient.

“There isn't any want for anybody to hurry to the financial institution at the equal time growing panic and giving speculators an possibility to achieve us off.”