New forex policy: CBN set to sanctions banks, customers

The Central Bank of Nigeria (CBN) has said that it will not hesitate to sanction any customer or bank who flouts the new Foreign Exchange (Forex) policy.

The CBN governor, Godwin Emefiele who disclosed this on Thursday at the 357th Bankers Committee meeting held virtually noted that any individual that contravene, the new policy will be sanctioned accordingly.

He disclosed that the banks, bank staffs and the executive directors of banks have the responsibility to make sure it works.

Addressing journalists after the meeting, the representative of the bankers Committee, Managing Director of FCMB, Yemisi Edun frowned at series of fraudulent activities by some customers who feign need for Forex.

She said the bankers Committee are using digital means to detect fraudulent activities through which it noticed that people would come with airline tickets  to buy forex and  go back to cancel the tickets after obtaining Forex. She said that banks are not going to encourage such behaviour in any way.

According to her  “we are using digital means to attend to people. We don’t want fraudulent practices. CBN is commited to funding the forex transactions and we are ready and available to attend to people’s demand.

Also speaking, Managing Director of Guaranty Trust Bank, Mr Segun Agbaje stated that the new Forex policy is for people that have genuine needs and warned that those who defraud the system will be punished.

Agbaje declared that the sanctions are not limited to customers alone but banks will also feel weight of the sanctions from the CBN if they contravene.

He also said banks  has taken it upon ourselves with the CBN to make sure that the new forex policy works.

He said that the action taken by CBN was the first phase, adding that plans are under way to digitized forex transactions as it is done worldwide, where individuals can be able to buy forex on line. 

Recalled that at the 280th Monetary Policy Committee (MPC) meeting, the governor pronounces an end to the supply of Forex to Bureau De Change (BDC) operators but instructed Deposit Money Banks (DMBs) in the country to set-up Forex desks in their various banks to attend to invisibles such as Business Travel Allowance (BTA), Personal Travel Allowance (PTA), among others.

Managing Director, Unity Bank Plc, Mrs Oluwatomi Somefun while speaking on the rehabilitation of the National Theartre said National Thearter will be a landmark for event, adding that it is an initiative banks are  proud off and believed that on completion it will impact positively in the economic growth of the country.

She said that National theatre will provide an opportunity for our youth to showcase their capability.

Somefun expressed optimism that on the completion of the threatre it will be much better than before and will go a long way to attract foreign exchange inflow into the country.

She said by year 2022 when the project will be completely done, it will place Nigeria in better position to earn more forex.