Bankers, private sector seek increased forex to manufacturers

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CBN dollarThe Association of Corporate Affairs Managers of Banks and the Chartered Institute of Bankers of Nigeria have urged the Central Bank of Nigeria to increase foreign exchange allocation to the real sector

This was stated in a communique issued at the end of the first national stakeholders’ conference between the banking industry and Organised Private Sector in Lagos with the theme, ‘Promoting synergy between the Nigerian banking industry and Organised Private Sector’, which was released on Thursday.

According to the communiqué, the objectives of the conference included bridging the communication gaps between the two sectors, and creating mutually-beneficial avenues for deepening the Nigerian economy

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

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.”

Stakeholders at the conference collectively agreed on the importance of effective synergy and good working relationship between the banking industry and the organised private sector given the critical roles of the two sectors in overall national economic development.

They urged the OPS to take advantage of specialised development finance institutions created by government with active funding from CBN to access affordable 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.


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