Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the bank was determined to address the issue of forex non-repatriation in Nigeria.
The CBN governor who disclosed this during the Bankers’ Committee meeting yesterday, said he had plans to meet the chief executives of multinational companies in Nigeria to discuss the revamping of Nigerian exports.
Emefiele noted that the CBN was ready to encourage the revamp of Nigeria’s export sector through deliberate policies that would boost investment and job creation.
He said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market.
Alluding to President Muhammadu Buhari’s charge for Nigerians to produce what they eat and eat what they produce, the CBN governor reiterated that the country had no choice but to diversify its economic base to reduce its reliance on crude oil.
It would be recalled that Emefiele had
earlier initiated a campaign tagged ‘Pro- duce, Add Value and Export’ (PAVE), especially for the agricultural produce.
Also, the Central Bank of Nigeria and the Bankers’ Committee have unan- imously agreed to extend special facil- ities to Nigerian-registered airlines and the media industry in Nigeria to enable them adequately address the negative impact of the coronavirus (COVID-19) pandemic.
Addressing bank’s chief executives at the Bi-monthly virtual meeting of the Bankers’ Committee, Mr Emefiele urged the banks to do all within their powers to support airlines and the media industry in the country, noting that such support was critical to helping the two industries recover from the economic crisis trig- gered by the COVID-19 pandemic.
CBN had in the advent of the corona vi- rus in Nigeria, announced a N1.2 trillion intervention funds to support critical sectors of the economy, N1 trillion of which was to support local manufacturing sec- tor and to boost import substitution.
With support expected for the media in Nigeria, many media houses will be able to weather the storm generated by the coronavirus pandemic.
Meanwhile, as part of its effort to increase foreign exchange liquidity in the country, the CBN has directed all banks in the country to submit the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds, for further action.
The directive issued by the CBN gov- ernor, Mr. Godwin Emefiele, yesterday, comes barely 24 hours after the Bank announced the abolition of third-party “Form M” payment.
The move by the CBN followed the adoption of the strategy to discourage over-invoicing, which some business- es have allegedly used to divert foreign exchange from the country, through the opening of “Forms M” for which payment are routed through a buying company, agent, or other third parties.
The statement signed by the Bank’s Director of Trade and Exchange, Dr. Ozoemena Nnaji, had also explained that the directive was aimed at ensur- ing prudent use of Nigeria’s foreign exchange resources and the elimination of incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumer.