CBN assures Nigerians, investors on forex

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has assured Nigerians and investors that the apex bank has enough foreign exchange to meet demands.

Emefiele gave the assurance at the end of Tuesday’s Monetary Policy Committee (MPC) meeting in Abuja.

He said commercial banks receive $80 million weekly to meet forex obligations, adding that there should be no need for panic by Nigerians.

The CBN governor said: “If you have forex obligations, they will be met. There is no need to panic or for everyone to rush to the bank at the same time and create an atmosphere of panic and give some people the opportunity to rip-off innocent people.

Read also: Forex markets rates remain firm, as external reserves drop

“I urged Nigerians to report any bank withholding forex to a special call complaint centre we have created. It is like call centres where people can call that they went to a particular bank and they didn’t get money to pay school fees or they didn’t get money to travel.”

Emefiele stressed that positive indices including exit from recession, Diaspora remittances and stable crude oil prices would buoy forex availability.

Meanwhile, Nigeria’s external reserves as at Monday stood at $34.57billion.

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