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Profiles - December 5, 2018

CBN, EFCC To Expose Banks Over Illegal Forex Infractions

The Central Bank of Nigeria announced its partnership with the Economic and Financial Crimes Commission to expose and sanction institutions that oppose its foreign exchange policy on stimulating domestic production.

According to the CBN governor, Gowdin Emefiele, the CBN intended to vigorously ensure that the policy remained in place, and further efforts would be made to block any attempt by unscrupulous parties to seek alternative ways to of accessing forex in order to import these items into Nigeria.

Emefiele said, “The CBN’s Economic Intelligence and Banking Supervision Departments will work very hard with the EFCC to expose and sanction any bank, company or forex operator that colludes with unscrupulous individuals/companies to undermine the policy on 41 items.

“Such sanctions will include, but not limited to prohibiting the banks from maintaining any bank accounts for such institutions or persons in Nigeria.”

He noted that remarkable success had been achieved in boosting domestic production of goods such as rice, cassava and maize, as a result of the restrictions placed by the CBN on access to forex for the 41 items.

Nigeria cuts food imports and saves $21bn in 34 months – Emefiele

Speaking about international and domestic headwinds as a nation and the volatility of the crude oil market, he stressed the need to work hard to stimulate job creation by reviving agricultural and industrial activities in the country.

The CBN governor said, ‘If we continue to support the growth of smallholder farmers, as well as help to revive palm oil refineries, rice mills, cassava and tomato processing factories, you can only imagine the amount of wealth and jobs that will be created in the country.

“These could include new set of smallholder farmers that will be engaged in productive activities; new logistics companies that will transport raw materials to factories, and finished goods to the market; new storage centres that will be built to store locally produced goods; additional growth for our banks and financial institutions as they will be able to provide financial services to support these new businesses; and finally, the millions of Nigerians that will be employed in factories to support processing of goods.”

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