Central Bank of Nigeria (CBN) don begin one new process to check and confirm complaints from manufacturers and importers over foreign exchange claims worth $2.4 billion. This information come from CBN Governor, Olayemi Cardoso, during a special summit dinner organised by the Nigerian Economic Summit Group in Abuja on Tuesday night.
Cardoso explain say the bank don finish the first stage of verification and now dey on the second stage to authenticate the claims by manufacturers. This new development come eight months after the apex bank claim say dem clear fx forwards worth $7 billion, which eliminate one legacy burden.
The real sector, under the Manufacturers Association of Nigeria (MAN), complain say the apex bank no clear unredeemed FX forward contracts incurred under the administration of former governor, Godwin Emefiele. MAN DG, Segun Kadir, talk say, “There is still the issue of the unsettled $2.4bn FX Forwards contract that the CBN, for inexplicable reasons, is still holding.” He add say most big industries dey declare losses and some of these losses be because of not honouring FX Forwards contracts.
Although Cardoso before now maintain say the bank clear all claims, the new announcement of cross-checking the claims receive applause from the guests. He say, “Our view is focused on managing inflation, and focus on stabilising prices, focus on foreign exchange management.” He also talk about the importance of verifying the claims to give confidence to international investors and others that the central bank will meet its obligations.
Cardoso mention that policy initiatives by the bank on the foreign exchange market lead to diaspora remittance of $600 million between January and September 2024, which is from an annual remittance of $200 million. He explain say they engage with International Money Transfer Operators (IMTOs) to achieve this.
On his core mandate, Cardoso say taming inflation is key in stabilising the economy. He say, “Our goal continues to be that of stabilising our economy and stabilising the macroeconomic fundamentals.” He add say the bank make significant strides but “it is a journey” and there is still much work to be done.
