For obligations there’s enough forex -CBN

 

The Central Bank of Nigeria (CBN) has assured contributors of the public that there was once ample overseas trade for them to meet their obligations

The Governor of the bank, Mr. Godwin Emefiele, gave the assurance at the stop of yesterday’s Monetary Policy Committee meeting, in Abuja, where it held the Monetary Policy Rate at 11.5 per cent and retained all other parameters through retaining the Asymmetric Corridor of 100/-700 foundation points around the MPR; Cash Reserve Ratio (CRR) at 27.5 per cent; and the Liquidity Ratio at 30 per cent.

He was once responding to worries that some customers complained of scarcity of foreign exchange at the banks and that they may want to now not pay their children’s faculty fees, abroad. 

Mr. Emefiele disclosed that the nation’s overseas reserve stood at $36. 5 billion as at the stop of remaining month, representing a rise from its $34. 5 billion function in the preceding month. 

He said, “There is enough foreign exchange for people to meet their obligations . If you have forex obligations, they will be met. There is no need to panic or for everyone to rush to the bank at the same time and create an atmosphere of panic and give some people the opportunity to rip-off innocent people.

CBN disburses not less than $80 million to banks weekly. In fact we will create a help-desk where people can call the CBN directly to complain if you need forex to pay school fees or BTA and say, ‘I went to such and such a bank and was told there if no forex.’”

Gov.  Emefiele also explained that the nation has not changed its foreign exchange management policy, as the apex bank has continued to adopt the managed-floating strategy.

His words, “Nigeria has not changed it foreign exchange policy. CBN, as the organisation that has the core mandate to manage the foreign exchange, has continued to watch the market and intervenes in the market, depending on its readings of the market.

“It might interest you to know that CBN has not intervened in the E&I (Export and Import) Window since January. The exchange rate has moved at a point to N409 /$1, N412/$1 and even N4013/$1. That is how it should be.”