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Commercial Banks Calls For Emergency Meeting Over Bureau de Change Operators Forex Ban

Commercial Banks CEOs held an exigency meeting on the new forex order from Central Bank of Nigeria on Thursday, to ensure complete compliance to this directives.
Thereafter the meeting, the banks’ CEOs spoke via an online seminar organised to give an update to deposit money banks on how prepared they were to become the main channel of forex allocation in the country, due to the new discontinuity of forex supply to the Bureau de Change operators by the Central Bank of Nigeria.

Also, the Commercial banks’ executives guaranteed the public that commercial banks would make forex accessible to customers in conformance with the CBN’s order.

The Central Bank Governor, Godwin Emefiele, after the last Monetary Policy Committee meeting had directed all Commercial Banks to position teller points at different branches throughout the country to abide by legitimate Forex demand for SMEs transactions, personal travel allowance, business travel allowance, medical payments and tuition fees among others.

At the webinar, Herbert Wigwe, the Group Managing Director of Access Bank Plc, said, “The banking industry was willing and prepared to carry out this work. The banks have exceptionally strict compliance measures, in terms of confirmation and making beyond any doubt that individuals who do apply are eligible.

He also added that “All Nigerian banks can meet these requirements. In the event that you see at all the branches across the country, you may know that the banks have more than sufficient capacity to do this.”

Similarly, Mr Segun Agbaje, The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, when speaking on the ability of the banks to meet the customers request, said, “Not only it’s Central Bank of Nigeria that has the capacity to support the market; the banks also have the assets to meet the demands and we have agreed collectively that it will begin immediately”.

Read more on Forex Ban in editorialtimes.com

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