Mixed reactions over CBN lift of restriction on forex deposit

By ANDREW OJIEZEL

THERE have been mixed reaction from stakeholders following the last week announcement by Governor of Central Bank of Nigeria (CBN) Godwin Emefiele.
In his reaction, the President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Sunday Salako, said the union was keenly watching to see what the CBN governor wants to achieve with his policy summersault.
Speaking with National Daily in his office, Salako blamed CBN for its policy inconsistencies which the union is seeing as causing confusion in the business circle.
“The action of CBN governor does not portray the apex bank as an effective regulatory institution in the country.”
He wondered why the CBN watched helplessly free flow of foreign exchange during 2015 electioneering campaigns in the country only to starve Nigeria unduly with same under the guise of fiscal check. “We are watching how the CBN is managing Nigeria’s foreign exchange. He said. CBN has not done well to promote robust banking system due to unpopular policies and sanctions which have not only stifled investment but also hit his members below the belt.”
Likewise, the immediate past President of Lagos Chamber of Commerce and Industry (LCCI) Alhaji Remi Bello, while speaking with National Daily on the development commended the CBN governor.
“The CBN Governor is having a listening ears and reacting to the cries of Nigerians on foreign exchange. This latest move whereby he has relaxed the forex, which will allow people have access to get foreign exchange, is sign of good things because manufacturers and other businessmen and women will be able to get what they need. This move is good for the economy.”
It would be recalled that CBN governor, last week, relaxed the forex policy, whereby commercial banks in Nigeria can now accept deposit in foreign currency once again.
Emefiele announced that the lift of the forex restriction was to allow the banks build liquidity in forex and meet some of their demands.
He said the ban was necessitated by what he called dollarization of the economy by many Nigerians.