Business

Repatriation of Forex: CBN to sanction defaulting exporters

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7 years ago

October 6, 2017

Olu Emmanuel

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By Chioma Obinagwam

The Central Bank of Nigeria (CBN) has said it will sanction exporters who fail to repatriate Forex generated in the newly introduced Export Intervention Scheme.

This was disclosed at a press briefing held on Thursday in honour of the Bankers’ Committee meeting.

Director, Banking Supervision at the CBN, Ahmed Abdulahi noted that defauters will be sanctioned.

“In line with what the regulation says, part of the sanctions will be blacklisting them such that no bank will do business with them in the country,” he said.

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He further assured that beyond the fragile economic growth of 0.5 per cent, the CBN is embarking on a number of projects to deepen economic growth.

“A number of projects have been discussed to help deepen growth in the economy. With more hardwork, the GDP growth is going to be deepened and more robust,” he assured.

Nevertheless, the introduction of the Export Intervention Scheme would among other things, boost Forex supply and even deepen the economy.