The Central Bank of Nigeria
(CBN) on Wednesday assured Manufacturers Association of Nigeria (MAN) of
improved foreign exchange supply to sustain its members’ production.
Mrs Tokunbo Martins, the
Director, Banking Supervision of the apex bank made the disclosure while
addressing newsmen at the end of the Bankers Committee Meeting held in Lagos.
Martins said the bank would do
everything possible to ensure that MAN members got the needed forex to buy raw
materials for their production to revive the economy.
The apex bank, she added, would take proactive measures to ensure that nobody withdrew more than 50,000 dollars in a year.
She added that “the CBN in a bid to manage the demand of foreign
exchange, ordered that nobody should withdraw more than 50,000 dollars
in a year across the industry.
“The CBN has noted that some individuals were violating the rule and
decided that violators who continue to do so will lose access to foreign
exchange.”
The News Agency of Nigeria (NAN) reports that part of the measures
the apex bank adopted in easing liquidity challenges at the forex market
is striking a deal between Travelex and Bureau De Change (BDC)
operators.
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