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Bankers & Private Sector Demand Increased Forex Allocation To Manufacturers

Bankers & Private Sector Demand Increased Forex Allocation To Manufacturers

Bankers & Private Sector Demand Increased Forex Allocation To Manufacturers

Bankers & Private Sector Demand Increased Forex Allocation To Manufacturers

The Chartered Institute of Bankers of Nigeria and the Association of Corporate Affairs Managers of Banks have encouraged the Central Bank of Nigeria to enhance the amount of foreign exchange allocated to the real sector.

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This was stated in a communique that was made public on Thursday following the first national stakeholders’ conference between the banking sector and the organized private sector, which took place in Lagos and had the title “Promoting Synergy Between the Nigerian Banking Industry and Organized Private Sector.”

The conference’s goals, according to the communiqué, included bridging the communication gaps between the two sectors and developing channels for strengthening the Nigerian economy that would benefit both parties.

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The Registrar/Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Dr. Seye Awojobi, signed the communiqué on behalf of the partners and Mr. Rasheed Bolarinwa, President, ACAMB, for the promoters.

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Bankers & Private Sector Demand Increased Forex Allocation To Manufacturers

Part of the communiqué read, “The CBN should increase foreign exchange allocation to the real sector by restoring the priority window and dedicated access for manufacturers while members of the OPS should repatriate forex to enable the apex bank sustain its forex management.

“In order to foster greater understanding and knowledge of operations of each sub-sector of the OPS, Deposit Money Banks should develop in-house expertise through dedicated desks and requisite professionals of key segments of the OPS.”

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Given the crucial roles played by the banking industry and the organized private sector in overall national economic development, stakeholders at the conference came to a consensus on the significance of effective synergy and positive working relationships between the two sectors.

They recommended the OPS to utilize specialized development finance organizations established by the government with active financing from CBN to take advantage of inexpensive funding.

“Both the banking sector and the OPS must put national interest uppermost in their business relationships and avoid deliberate acts of sabotage in the guise of transactions,” the communiqué stated.


IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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