MARKETSMONEY MARKETTOP STORY

Non-compliance of banks on forex: ABCON runs to CBN

President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has decried the poor compliance of banks to the sale of foreign exchange to its members and has called on the Central Bank of Nigeria (CBN) to intervene.

Gwadabe said in a telephone interview  said that only about nine per cent of BDCs currently had access to forex sales from banks, a situation he described as “worrisome’’.

According to him, the level of compliance by the Deposit Money Banks (DMBs) is poor and the sale is only to BDCs located within Lagos.

Gwadabe said available records showed that BDCs operating outside the Lagos metropolis had not benefitted from the sale of forex by the banks.

The ABCON chief said that there was need for the banks to be patriotic at this period of the nation’s economic history by opening their doors to the BDCs in the sale of forex.

Banks are complaining of liquidity challenges. There is need for banks to be patriotic now to ease the challenges in accessing forex,’’ Gwadabe said.

He explained that since banks were out to make profit, any directive that would affect their profit margin would be resisted.

The president said that some of the conditions given by some of the banks were cumbersome, adding that they sold at between N330 and N335 to the dollar.

According to him, so far, the banks have sold about  six million dollars of forex to the BDCs.

Meanwhile, manufacturers in the country have decried the high interest rate and poor access to foreign exchange, which according to them has hindered growth in the manufacturing industry.

Ambrose Oruche, the Director, Economics and Statistics, Manufacturers Association of Nigeria (MAN) said this at the stakeholders’ dialogue on the manufacturing sector in the country.

Oruche said that the decision by the Federal Government to increase the interest rate to 14 per cent was not ideal, adding that what should have been done was to increase growth in the economy rather than contract it.

He said that there had been government policy mismatch in the country and the decision by government to exclude 41 items was not in the interest of the manufacturers.

Since the crash in crude oil 2014, manufacturing has been almost impossible in the country. The major challenge is that of maintaining sizeable capacity utilisation due to the unavailability of raw materials.

Unfortunately, some policies implemented to resolve the eroding Naira were inimical to manufacturing industries and MAN ought to have been consulted before the ban of the 41 items.

The Central Bank of Nigeria (CBN) has directed authorised foreign exchange dealers to allocate at least 60 per cent of forex to the importation of raw materials for the manufacturing sector.

A CBN circular signed by Mr W.D. Gotring, its Assistant Director, Trade and Exchange Department, said that the gesture was to address an observed imbalance to the sector.

60 thoughts on “Non-compliance of banks on forex: ABCON runs to CBN

  • I simply want to say I’m all new to blogging and site-building and actually liked this web site. Probably I’m likely to bookmark your blog post . You really come with fantastic articles. Thanks for sharing with us your website page.

  • I simply want to say I am just new to blogging and seriously liked you’re blog. Very likely I’m going to bookmark your site . You really come with wonderful well written articles. Kudos for revealing your web-site.

  • I just want to say I am beginner to blogging and site-building and certainly enjoyed your web-site. Very likely I’m likely to bookmark your blog post . You actually have superb stories. Cheers for revealing your website page.

  • I just want to mention I am very new to blogs and honestly enjoyed this website. Likely I’m likely to bookmark your website . You amazingly come with outstanding articles. Thanks a bunch for sharing with us your web-site.

  • I simply want to tell you that I am just very new to blogging and really enjoyed you’re blog. Probably I’m planning to bookmark your site . You really come with terrific stories. Regards for sharing with us your web-site.

  • I just want to tell you that I’m very new to blogs and seriously enjoyed you’re blog. Very likely I’m likely to bookmark your website . You really come with perfect writings. Thanks for sharing with us your web-site.

  • I simply want to say I am just beginner to blogging and site-building and definitely savored your web-site. Probably I’m want to bookmark your blog . You surely have amazing writings. Kudos for sharing with us your web page.

  • I simply want to say I am new to weblog and definitely savored this page. Likely I’m going to bookmark your site . You certainly come with incredible stories. Appreciate it for sharing with us your blog site.

  • I simply want to say I am very new to blogging and site-building and certainly loved you’re page. Almost certainly I’m likely to bookmark your blog post . You really have really good stories. Thanks a bunch for revealing your web page.

  • I just want to tell you that I am just beginner to blogs and certainly enjoyed this website. Almost certainly I’m likely to bookmark your site . You surely have fabulous article content. Bless you for revealing your web site.

  • I simply want to mention I am just newbie to blogs and truly loved your web page. Most likely I’m planning to bookmark your website . You definitely have superb writings. Cheers for sharing with us your web site.

  • It’s remarkable to pay a visit this web site and reading the views of all friends concerning this post, while I am also eager of getting know-how.|

  • Thank you a lot for providing individuals with an extraordinarily superb opportunity to read in detail from this web site. It’s always very useful and as well , jam-packed with fun for me and my office mates to search your web site nearly three times in one week to see the latest guides you have. And definitely, I’m just actually happy considering the outstanding tactics you give. Selected 3 ideas in this article are clearly the most impressive I’ve had.

  • One other issue is that if you are in a circumstances where you do not possess a co-signer then you may really need to try to exhaust all of your financial aid options. You’ll find many grants or loans and other free college funding that will ensure that you get funds to help with university expenses. Thanks a lot for the post.

  • wonderful points altogether, you just gained a brand new reader. What would you recommend in regards to your post that you made a few days ago? Any positive?

  • Thanks for your article. It’s very unfortunate that over the last 10 years, the travel industry has had to deal with terrorism, SARS, tsunamis, flu virus, swine flu, and the first ever real global economic downturn. Through it all the industry has really proven to be strong, resilient and dynamic, locating new solutions to deal with hardship. There are generally fresh issues and possibilities to which the field must once more adapt and reply.

  • Hey there! Do you use Twitter? I’d like to follow you if that would be okay. I’m absolutely enjoying your blog and look forward to new posts.

  • Heya i am for the first time here. I came across this board and I find It truly useful & it helped me out much. I hope to give something back and aid others like you helped me.

  • 9/24/2016 @ 18:18:05 In my estimation, business247ng.com does a excellent job of dealing with subjects of this kind. While often intentionally contentious, the posts are more often than not well-written and thought-provoking.

  • Usually I do not post on blogs, but I would like to say that this article really forced me to do so! Thanks, really nice article.

  • I love what you guys are up too. This type of clever work and reporting! Keep up the terrific works guys I’ve incorporated you guys to blogroll.|

  • Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.

  • Call 247 QuickBooks experts at 844 722 6675 for tech support. We can resolve any kind of QuickBooks issue in no time. Quickbooks tech support phone number USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBERUSA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBERUSA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER USA CANADA>>>1844-722-6675 QUICKBOOKS technical SUPPORT PHONE NUMBER QUICKBOOKS HELP DESK SUPPORT TELEHONE NUMBER

  • If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.

  • In my view, business247ng.com does a good job of covering subject matter of this type. Even if ofttimes deliberately polemic, the posts are generally well-written and stimulating.

  • I’ll gear this review to 2 types of people: current Zune owners who are considering an upgrade, and people trying to decide between a Zune and an iPod. (There are other players worth considering out there, like the Sony Walkman X, but I hope this gives you enough info to make an informed decision of the Zune vs players other than the iPod line as well.)

  • 9/28/2016 Like business247ng.com– extremely easy to navigate and tons of stuff to consider!

  • Like the site– very user-friendly and lots to explore!

  • In my estimation, business247ng.com does a great job of covering topics of this sort. Even if often intentionally controversial, the information is generally well researched and thought-provoking.

  • I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. From: home interior decoration design ideas

  • I’m pleased with the way that business247ng.com deals with this sort of issue. Generally to the point, often contentious, always thoughtful as well as stimulating.

  • I’m gratified with the way that business247ng.com handles this kind of subject. Usually on point, sometimes controversial, always thoughtful as well as stimulating.

  • Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?

  • Hey there! This is my 1st comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading your articles. Can you suggest any other blogs/websites/forums that deal with the same subjects? Thanks for your time!|

  • Hey, thanks for sharing I always look forward to reading your posts one of the few blogs I still follow home decorated

  • I would love to thank of the things that you’ve shared in this blog site.

  • Quickbooks Phone Number)))) 1-844-722-6675 ((((Quickbooks Tech Support phone number @@Call, 1-844-722-6675 for all type help by Quickbooks tech support phone number, 1-844-722-6675 Intuit Quickbooks Tech Support Phone Number, 1-844-722-6675 Quickbooks Help Desk Phone Number, 1-844-722-6675 Quickbooks tech support number, Quickbooks technical support phone number,@@ 1-844-722-6675 @ Quickbooks phone number, 1-844-722-6675 Quickbooks technical support number, 1-844-722-6675 Quickbooks support phone number, 1-844-722-6675 Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number,@@@@ Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number, @@@@@ Quickbooks help number-Quickbooks Helpline Number; Quickbooks help phone number-Quickbooks Helpline Number, Quickbooks Tech Support Toll free Number, Quickbooks Support Telephone Number, Quickbooks Tech Support Telephone number, Quickbooks Tech Support contact number, Quickbooks support contact number, Quickbooks technical support contact number. Call, Quickbooks tech support phone number, Intuit Quickbooks Tech Support Phone Number, Quickbooks Help Desk Phone Number, Quickbooks tech support number, Quickbooks technical support phone number, Quickbooks phone number, Quickbooks technical support number, Quickbooks support phone number. It is very popular toll free number which provide by Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number, Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number. Call, Quickbooks tech support phone number, Intuit Quickbooks Tech Support Phone Number, Quickbooks Help Desk Phone Number, Quickbooks tech support number, Quickbooks technical support phone number, Quickbooks phone number, Quickbooks technical support number, Quickbooks support phone number, Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number, Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number, Quickbooks help number-Quickbooks Helpline Number; Quickbooks help phone number, Quickbooks Helpline Number, Quickbooks Tech Support Toll free Number, Quickbooks Support Telephone Number, Quickbooks Tech Support Telephone number, Quickbooks Tech Support contact number, Quickbooks support contact number, Quickbooks technical support contact number, Quickbooks pro support phone number, Quickbooks payroll support phone number. Quickbooks payroll customer support phone number Quickbooks Support Helpline Number, Quickbooks contact number Quickbooks tech support phone number Quickbooks support team phone number Quickbooks contact number 1-844-722-6675 Quickbooks technical help telephone number, Quickbooks technical help contact number, Quickbooks technical support contact number, Quickbooks contact number, Quickbooks contact phone number, Quickbooks contact telephone number, Quickbooks 24 hour contact number, Quickbooks customer support contact number, Quickbooks customer service contact number, Quickbooks official number, Quickbooks official contact number, Quickbooks 800 contact number, Quickbooks toll free number, 800 number for Quickbooks support, Quickbooks 24/7 support phone number Quickbooks PRO support phone number,Quickbooks PRO support phone number,Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number, Quickbooks PRO support phone number. Help@Call 1-844-722-6675/.Quickbooks 24/7 support phone number,Quickbooks telephone number for support? call 1-844-722-6675@./Quickbooks contact number, Quickbooks contact phone number, Quickbooks contact telephone numbertelephone number for Quickbooks online support,Quickbooks official support number,Quickbooks official number,Quickbooks payroll official phone number,phone number for Quickbooks payroll supportQuickbooks 24/7 support phone numberQuickbooks support number,Quickbooks telephone number for support ……………… Quickbooks PRO phone number,(1-844-722-6675)// Quickbooks PRO customer care number….. Quickbooks PRO Toll Free, Intuit@(1-844-722-6675)@-: Quickbooks PRO Technical Support Number, Quickbooks PRO help desk phone number provides online solution for all USA/CANADA clients. For any help of query call 1 800 860 9230 to get all Quickbooks PRO account solution. For any help of query call 1 800 860 9230 to get all Quickbooks PRO account solution. @@Call, 1-844-722-6675 for all type help by Quickbooks PRO support telephone number,Quickbooks PRO support phone number,Quickbooks PRO support phone number,Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number, Quickbooks PRO support phone number Quickbooks PRO help number-Quickbooks PRO Helpline Number; Quickbooks PRO help phone number-Quickbooks PRO Helpline Number, Quickbooks PRO Tech Support Toll free Number, Quickbooks PRO Support Telephone Number, Quickbooks PRO Tech Support Telephone number, Quickbooks PRO Tech Support contact number, Quickbooks PRO support contact number, Quickbooks PRO technical support contact number, Quickbooks PRO help desk phone number. Call, @(1-844-722-6675)@-: It is very popular toll free number which provide by Quickbooks PRO technical support, Quickbooks PRO Customer Service Phone Number, Quickbooks PRO Customer Service Number, Quickbooks PRO Customer Support Phone Number, Quickbooks PRO Customer Support Number, Quickbooks PRO Customer Service Helpline Number, Quickbooks PRO Customer Care Number, Quickbooks PRO support team phone number. Call,@(1-844-722-6675)@-: Quickbooks PRO help number-Quickbooks PRO Helpline Number; Quickbooks PRO help phone number, Quickbooks PRO Helpline Number, Quickbooks PRO Tech Support Toll free Number, Quickbooks PRO Support Telephone Number, Quickbooks PRO Tech Support Telephone number, Quickbooks PRO Tech Support contact number, Quickbooks PRO support contact number, Quickbooks PRO technical support contact number, Quickbooks PRO pro support phone number, Quickbooks PRO payroll support phone number. Quickbooks PRO payroll customer support phone number for all type help by Quickbooks PRO support telephone number, Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number

  • I generally agree with your opinion on this subject and look forward to new posts and comments here at business247ng.com. Keep up the good work!

  • Greetings from Florida! I’m bored to tears at work so I decided to check out your website on my iphone during lunch break. I really like the information you provide here and can’t wait to take a look when I get home. I’m amazed at how quick your blog loaded on my phone .. I’m not even using WIFI, just 3G .. Anyhow, superb blog!

  • I am often to blogging and i really appreciate your content. The article has really peaks my interest. I’m going to bookmark your site and preserve checking for brand new information.

  • In my opinion, business247ng.com does a good job of dealing with subjects like this. Even if ofttimes deliberately polemic, the posts are in the main well-written and challenging.

  • Never Ever give up: Even though you fail initially; Dont manage to get a great deal of views at first, do your self a favour, do not give up.

  • Pretty section of content. I just stumbled upon your site and in accession capital to assert that I get in fact enjoyed account your blog posts. Anyway I will be subscribing to your feeds and even I achievement you access consistently quickly.|

  • In my estimation, business247ng.com does a great job of dealing with topics of this kind. Even if sometimes deliberately controversial, the posts are generally well researched and stimulating.

  • Hi, Neat post. There is a problem with your web site in internet explorer, would test this… IE still is the market leader and a large portion of people will miss your fantastic writing because of this problem.

  • Finally someone that knows what they’re talking about.

  • Kudos for the noteworthy website you’ve set up at business247ng.com. Your enthusiastic take on the subject is absolutely contagious. Thanks again!

  • Finally I found what I was looking for, only took 4 pages of search results.

  • Well-written piece. I just now forwarded this on 10/22/2016 to a colleague who’s been doing some work of their own on the topic. To say thank you, she just bought me lunch! So, I should probably say: Thanks for the meal!

  • Terrific work! This is the kind of info that are meant to be shared around the internet. Disgrace on Google for now not positioning this put up upper! Come on over and visit my website . Thank you =)|

  • download film terbaru sub indo has diamond like clarity and also in order for this to be striking you must use both that and.

  • business247ng.com does it again! Very perceptive site and a thought-provoking post. Keep up the good work!

Comments are closed.