May 22, 2018

Banks flouting CBN’s directive on Forex – M.A.N.

Banks flouting CBN’s directive on Forex – M.A.N.

Banks are not co-operating with the Central Bank of Nigeria (CBN) on forex policy, Manufacturing Association of Nigeria (MAN) President Dr. Frank Udemba Jacobs has said.

Dr Jacobs said the CBN was sensitive to the plight of the manufacturing sector, but it was unfortunate the apex bank’s good intention were being frustrated by those who didn’t share the same passion for manufacturers, in particular, or the nation. He cited the CBN’s directive to banks to allocate 60 per cent of available forex to manufacturers for the importation of raw materials and spare parts, which the banks had not implemented.

He told The Nation that the CBN also released about $414 million  recently, with provisions for another $500 million for allocation to manufacturing and other critical sectors, but regretted that banks were not co-operating, thereby frustrating a critical policy. Jacobs debunked the allegation that the CBN ‘settled the manufacturing sector with $330 million, saying the CBN announced the release of $314 million but he did not know who benefitted from it. Read more

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