Render Forex Returns in Uniform Format, CBN Tells Banks

banksGodwin Emefiele CBN Governor
  • Render Forex Returns in Uniform Format, CBN Tells Banks

The Central Bank of Nigeria on Thursday directed Deposit Money Banks in the country to render returns on foreign exchange in a uniform format.

The apex bank has been under pressure in the last few weeks over its policy on foreign exchange management which some people have described as unfriendly to the business and investing communities.

The CBN also said it had yet to receive any query from the Office of the Attorney-General of the Federation over issues relating to the sale of foreign exchange.

The CBN said in a statement issued by its Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, that neither the governor, Mr. Godwin Emefiele, nor the Director, Legal Services Department had received any communication from the AGF’s office with regard to the issue.

The statement read in part, “The attention of the Central Bank of Nigeria has been drawn to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria over issues relating to the sale of foreign exchange.

“While it is perfectly normal for any agency of government to seek clarifications on any matter from other agencies of government, we wish to state that neither the Governor of the CBN nor the Director, Legal Services Department has received any communication with regard to the issue.

“The CBN, as a responsible and responsive arm of government, will always provide clarifications on any matter within its purview for the purpose of educating and enlightening all concerned.”

It said since the introduction of the new forex policy last year, it had mandated all banks participating in the policy to forward evidences of forex sale to end users as well as advertise same in national dailies.

The apex bank stated that the decision to ask the banks to publish their forex rates was to ensure transparency as the CBN neither allocated foreign exchange nor dealt directly with bank customers.

However, the apex bank stated that it had observed that some banks were forwarding inaccurate data, which were erroneously published, adding that this had given a wrong impression of disparate foreign exchange rates.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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