The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Monday expressed concerns over the clearing of the Central Bank of Nigeria forex backlog, highlighting challenges faced by member companies.
The CBN, on 20 March, announced it had cleared all ‘valid’ foreign exchange backlogs.
While commending the CBN for clearing the backlog, the association reiterated the need to take drastic steps to address the unmet forex requests by some members of private sector operators.
In a statement by its National President, Dele Oye, the association hailed President Bola Tinubu and the CBN Governor, Olayemi Cardoso, for the move.
|
---|
However, he said several NACCIMA member companies and other private sector operators have challenged the CBN over claims of clearing the forex backlog.
Mr Oye revealed that despite the CBN’s commitment to providing foreign exchange, many NACCIMA members have reported that their funds in Naira have been retained for extended periods, some for over a year. He said the lack of communication from banks or the CBN has left their business operations in uncertainty.
“In February, NACCIMA as part of the Organized Private Sector of Nigeria (OPSN) sought the intervention of the Honourable Minister of Finance to address these issues, emphasizing the need for transparency and expedited resolution. Additionally, NACCIMA, along with NASSI and NASME with other associations, raised these concerns with the Minister of Industry, Trade, and Investment during a courtesy visit that same month,” the statement said.
“The gravity of the situation was acknowledged by the National Assembly, which led to a summoning of the Honourable Minister of Industry, Trade, and Investment to discuss the matter further.
“As part of the Hon Minister of Industry Trade and Investment preparation for the National Assembly Summons, a stakeholder meeting Comprising of NACCIMA, MAN, affected banks and customers was convened by the Honourable Minister of Industry Trade and Investment at the Bank of Industry in Lagos on the21 March.
“At the meeting, it was gathered that there has 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,” he said.
Mr Oye said after the meeting, it was agreed that direct engagement with the CBN is crucial and the minister urged all parties to engage in dialogue and advised against actions like litigation that could hinder discussions.
NACCIMA, thereafter, appealed to the CBN to closely collaborate with the minister of industry, trade, and investment, as well as the banking sector and their clients, to resolve outstanding issues regarding legitimate letters of credit.
The association emphasised that government obligations extend beyond individual tenures, stressing the need to honour legitimate transactions initiated under previous administrations with the same level of commitment.
“While we acknowledge the strides made in addressing trade claims, we urge for a more comprehensive and transparent approach to resolving the remaining foreign exchange allocations,” the association said.
“This will not only support the integrity of banking processes but also bolster the confidence of the private sector in Nigeria’s financial institutions and the broader economic policies of the government.”
Support PREMIUM TIMES' journalism of integrity and credibility
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?
Make ContributionTEXT AD: Call Willie - +2348098788999