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MAN Urges Banks To Comply With CBN Directives On Sale Of Forex

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Manufacturers Association of Nigeria (MAN) has advised commercial banks to strictly adhere to the Central Bank of Nigeria (CBN) directives on the sale of foreign exchange to eligible customers.

Dr Okwara Udensi, MAN Chairman, Edo/Delta chapter, made this appeal during a recent chat with journalists.

Udensi expressed his optimism that the CBN’s decision to channel foreign exchange allocations to commercial banks would strengthen the nation’s currency.

He added that the development would bring down the prices of imported raw materials.

Udensi noted that commercial banks need to assist the CBN in the implementation of the policy by not being involved in shady practices.

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“The banks should keep to their own obligations, we don’t want situations where the banks will hoard the foreign currencies and say they are yet to receive supply from the CBN,” Udensi said.

He also appealed to the CBN to give a prompt response to bank customers who have complaints as regards access to forex through its toll-free lines.

Prime Business Africa reported that the CBN announced that it is stopping issuance of licence to Bureau De Change (BDC) operators with the governor Godwin Emefiele, saying they abandoned the main objective of their establishment.

CBN took the decision at the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday.

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