Journalism of Courage

CBN considers tougher sanctions against banks hoarding forex

[dropcap]T[/dropcap]he Central Bank of Nigeria (CBN) Friday said it is reviewing ways to toughen sanctions against financial institutions in the country that hoards foreign exchange from potential customers.

“We are monitoring every bank very closely to ensure compliance. I can tell you now that no bank is cutting corners because anyone that tries to upset the present trend will be severely sanctioned,” said Spokesperson Mr. Isaac Okoroafor in an interview.

“I can comfortably tell you now that the black market exchange rate is dead because the rate has come to meet the official rate. What you only have now is the BDC rate,” Okoroafor revealed.

Okoroafor who expressed optimism in the efforts of the CBN in stabilising the naira against other major foreign currencies added that the apex bank’s effort in no time will begin to yield the desired results that will pull the country completely out of the present economic chanllenges.

While thanking Nigerians for their patience and cooperation in supporting the CBN’s economic policies Okoroafor maintained that “with the CBN’s robust and stable policies, Nigerians should be rest assured of a robust economic furture.

“With our interventions in the agricultural sector and the foreign market as well as the ban on some slected items, it will just be a matter of time before the econony returns to nomalcy”.

In Q2’17, Nigeria’s economy returned to positive growth as real GDP grew 0.5% y/y after successive declines for five quarters, according to PricewaterhouseCoopers, (PWC).

“This recovery was supported by a strong rebound in the oil sector (8.8 % of GDP), which expanded by 1.6% y/y (–15.6%y/y in Q1’17). The non-oil sector on the other hand was boosted by a strengthening of the broader manufacturing sector, reflecting the impact of improved foreign exchange liquidity, said the multinational professional services network headquartered in London.







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