CBN injects $6bn forex into Nigerian economy in 5 months

The Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mr. Ahmed Abdullahi, said that foreign exchange injection by the apex money market has reached $ 6 billion in five months
Speaking at the end of 333rd Bankers Committee meeting, held in Lagos on Thursday, he said foreign exchange market is improving and investors ‘confidence is building up generally because of the improvement in oil production and prices.
According to him, the newly introduced Investors & Exporters foreign exchange window registered no less than $2.2 billion in just six weeks of operation, which the apex bank believed is responsible for the revived investors’ confidence in the forex market and the nation’s economy.
He said that improvement in the foreign exchange market has helped in stabilizing the market, stressing that with sustainable momentum the Nigerian Gross Domestic Products (GDP) will be on positive growth by third quarter, 2017.
The Managing Director, Standard Chartered Bank, Mrs. Bola Adesola, said that as part of efforts in diversifying the Nigerian economy, Bankers committee have contributed five per cent of their Profit after Tax (PAT) based on the agreement reached at the last commercial banks and the CBN December’s retreat.
She stated further that the equity contribution is currently N26 billion, which is to support the Small Medium Enterprises (SMEs) and Agric sector.
She said that the framework in accessing the fund is currently working upon but notes that would improve SMEs and the agric operators’ access to finance, adding that the development is part of the Deposit Money Banks (DMBs) contributions to the Nigerian economy growth.
Meanwhile, the Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo, pointed out that the bankers committee, has agreed to tackle financial inclusion bottlenecks, such has customers of Microfinance Banks (MFBs) registering for their Biometric Verification Number registration exercise in ant of the commercial free of charge.
He stressed that henceforth, registration of BVN is now opened for MFBs customers in any of the bank of their choice, so as to promote financial inclusion.
However, the Acting Director, Corporate Communication, CBN, Mr. Isaac Okorafor, noted that the regulator will ensure it sustains intervention on the currency market to shore up the naira.