Forex: Bankers Committee calls for adjustments ON APRIL 11, 2016
*CBN appoints 2 super agents for financial inclusion
By Babajide Komolafe
The Bankers Committee has said that the scarcity of foreign exchange in the country requires adjustment on the part of every Nigerian.
Addressing journalists at the end of the Committee’s meeting in Lagos on Thursday, Managing Director/ Chief Executive, GTBank Plc, Mr. Segun Agbaje said that the Committee is of the opinion that foreign exchange situation calls for adjustment on the part of everybody.
Naira-Dollar
He spoke in company of Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins, Managing Director/ Chief Executive, Fidelity Bank Plc, Mr. Nnamdi Nwankwo, Managing Director/ Chief Executive, Unity Bank Plc, Mrs Tola Somefun and the Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor.
Agbaje said, “The reality on the ground is that we are coming from $115 per barrel oil price to somewhere around N37 per barrel. We all have to make adjustment. Our habits have to change a bit because we have less money to spend. As corporates, you have to invest in import substitution and develop things locally. We all have to grind now, and make sure we allocate the scarce foreign exchange we have now, to make the best out of it.
“What we have in Nigeria today is a supply problem. And the way you deal with a supply problem is first we have to cut back on demand, we have to develop import substitution so that at some point you are able to meet the type of demand that you have. I am not sure there is any magic we can perform as a country other than get your supply to meet the type of demand that you have.”
Mr. Okoroafor however said that there has been noticeable improvement in allocation of foreign exchange to manufacturers.”
Meanwhile the CBN has appointed two firms as super agents to drive financial inclusion in the country.
Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins disclosed this at the end of the Bankers Committee meeting, the name of the super agents are Interswitch Financial Inclusion Services and Innovatives Limited.
She said, “You will recall that sometimes past the CBN started agency banking. Now there are two new agents, called super agents that are supposed to recruit other agents that are supposed to distribute financial services at cheaper prices. Hopefully this would carry banking services to the nooks and crannies of Nigeria at affordable prices.”
By Babajide Komolafe
The Bankers Committee has said that the scarcity of foreign exchange in the country requires adjustment on the part of every Nigerian.
Addressing journalists at the end of the Committee’s meeting in Lagos on Thursday, Managing Director/ Chief Executive, GTBank Plc, Mr. Segun Agbaje said that the Committee is of the opinion that foreign exchange situation calls for adjustment on the part of everybody.
Naira-Dollar
He spoke in company of Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins, Managing Director/ Chief Executive, Fidelity Bank Plc, Mr. Nnamdi Nwankwo, Managing Director/ Chief Executive, Unity Bank Plc, Mrs Tola Somefun and the Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor.
Agbaje said, “The reality on the ground is that we are coming from $115 per barrel oil price to somewhere around N37 per barrel. We all have to make adjustment. Our habits have to change a bit because we have less money to spend. As corporates, you have to invest in import substitution and develop things locally. We all have to grind now, and make sure we allocate the scarce foreign exchange we have now, to make the best out of it.
“What we have in Nigeria today is a supply problem. And the way you deal with a supply problem is first we have to cut back on demand, we have to develop import substitution so that at some point you are able to meet the type of demand that you have. I am not sure there is any magic we can perform as a country other than get your supply to meet the type of demand that you have.”
Mr. Okoroafor however said that there has been noticeable improvement in allocation of foreign exchange to manufacturers.”
Meanwhile the CBN has appointed two firms as super agents to drive financial inclusion in the country.
Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mrs Tokunbo Martins disclosed this at the end of the Bankers Committee meeting, the name of the super agents are Interswitch Financial Inclusion Services and Innovatives Limited.
She said, “You will recall that sometimes past the CBN started agency banking. Now there are two new agents, called super agents that are supposed to recruit other agents that are supposed to distribute financial services at cheaper prices. Hopefully this would carry banking services to the nooks and crannies of Nigeria at affordable prices.”
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