NACCIMA urges CBN to address unmet FX requests by private sector operators

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Central Bank of Nigeria (CBN) to address the unmet forex requests by some members of private sector operators.

This was coming on the heels of the CBN’s announcement regarding the clearance of a $7bn forex backlog.

In a statement, the National President of NACCIMA, Dele Oye, who hailed President Bola Ahmed Tinubu and the CBN Governor, Olayemi Cardoso, for the move, disclosed that several NACCIMA member companies and other private sector operators had challenged the completeness of the forex clearance.

Oye noted that many of NACCIMA’s members reported that despite the CBN’s commitment to providing forex, their funds in naira had been retained for extended periods, some for over a year, expressing regret that this had occurred without adequate communication from their respective banks or the CBN, leaving their business operations in a state of uncertainty.

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Recall that in February, NACCIMA as part of the Organised Private Sector of Nigeria, sought the intervention of the Minister of Finance to address the issues, emphasising the need for transparency and expedited resolution.

The NACCIMA boss, therefore, called for a more comprehensive and transparent approach to resolving the remaining forex allocations.

He said, “As part of the Hon Minister of Industry Trade and Investment’s preparation for the National Assembly Summons, a stakeholders meeting comprising of NACCIMA, MAN, affected banks and customers was convened by the Honourable Minister of Industry of Trade and Investment at the Bank of Industry in Lagos on the 21st of March, 2024.

“At the meeting, it was gathered that there had been a lack of formal communication from the CBN regarding the rejection of foreign exchange bids. Furthermore, it was revealed that Deloitte, the consulting firm engaged by the CBN for verification purposes, had not directly engaged with the affected banks or their customers for clarification on any contentious transactions.

“The consensus from the meeting was that direct engagement with the CBN is essential. The honourable minister urged all parties to pursue dialogue and cautioned against actions like litigation that could hinder such discussions.”