COMFORT EKELEME
To sanitize the foreign exchange market, the Central Bank of Nigeria (CBN) said it would sanction defaulting exporters who fail to expatriate proceeds.
According to the apex bank, part of the sanction would be blacklisting them so that no Nigerian bank would do business with them.
Briefing Newsmen at the end of its Bankers Committee Meeting in Lagos, CBN’s Director Banking Supervision, Mr. Ahmed Abdullahi noted that the export intervention fund was the apex bank’s initiative to boost export, adding that it was set aside for exporters to access, so as to boost their business.
According to him, “there is a provision that requires all the exporters to repatriate the proceeds of their exports; the fact is that a number of exporters don’t. So the Bankers Committee deliberated on that and decided to sanctions appropriately those defaulters. That sanction would be the blacklisting so as not to have access to banking services.
Speaking further, he maintained that there is need for more work to be done in the economy in order to ensure a robust growth of the economy, adding that the nation has witnessed vibrancy in the capital market following the recent Gross Domestic Product (GDP) growth.
Also speaking, Managing Director of Unity disclosed that the framework for the N26 billion equity funds specifically for agric fund would soon be out, adding that disbursement of the fund would commence in this last quarter of the year.
In another development, CBN has debunked the report alleging that one of its Deputy Governors was arrested and made to forfeit some amount of money to the Economic and Financial Crimes Commission (EFCC).
In a statement posted on its website and signed by the Ag Director, Corporate Communications, CBN said, the attention of the apex bank has been drawn to a newspaper report alleging that one of its Deputy Governors was arrested and made to forfeit some amount of money to the Economic and Financial Crimes Commission (EFCC).
CBN said, “We wish to state categorically that there is no iota of truth in the report and it is, without doubt, a mere figment of the writer’s imagination.
“The Bank and its officials will not be distracted from the onerous task of ensuring stability in the financial system, and indeed the economy, at this critical time. However, such person(s) bent on disparaging the Bank and its officials should note that legal options would be explored to protect its reputation from being tarnished in any manner.
“We therefore implore members of the media to always exercise caution and endeavor to verify their stories before rushing to the press,” CBN said.
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