Godwin Emefiele, Governor, Central Bank of Nigeria, CBN, says the discontinuation of FX allocation to Bureau De Change operators had helped the Naira to remain stable at the Investors and Exporters Window, I&E, window.
Mr Emefiele said this at the 32nd Seminar organised by the CBN, for Finance Correspondents and Business Editors, on Thursday in Akure, Ondo.
His message was delivered virtually by the Deputy Governor, Corporate Services, CBN, Edward Adamu.
” Banks are now able to meet the demands of their customers seeking forex for SMEs, school fees, medical and PTAs,” Mr Emefiele said.
According to CBN, in 2021, the naira maintained relative stability at N411.50/ US$ in August but depreciated to N414.33/US$ in Dec. 2021.
As at Feb, 2022, the exchange rate stood at N416.98/US$.
Under the system, in line with its exchange rate stability mandate, it has strived to intervene in the market by supplying foreign exchange.
Mr Emefiele listed other measures taken by the CBN that had yielded result.
“The Central Bank of Nigeria had also sanctioned Bureau De Change (BDC) operators for illegal forex trading and discontinued the sale of forex to the Bureau operators in Nigeria.
“In addition, licensing of new BDCs was suspended. The CBN also introduced the ‘Naira 4 Dollar Scheme’ to encourage diaspora remittances.”
“It is heartening to note that these policies are yielding positive results in terms of meeting genuine demand for foreign exchange and exchange rate stability,” he said.
Mr Emefiele said the seminar had continued to deepen the knowledge and understanding of Business Editors and Financial Correspondents about CBN’s policies and initiatives.
He said the theme of the seminar was very pertinent.
NAN
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