Emefiele to Banks: Proffer Solution to FX Shortage

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*Challenges them to meet forex needs of customers without relying on govt

Nume Ekeghe

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele yesterday admitted that there is shortage of foreign exchange to meet genuine import needs of Nigerians and challenged the financial institutions in the country to proffer solution to the problem.
The CBN governor spoke in Lagos at the 2022 Bankers’ Committee Retreat, with the theme, “Increasing the Productive Base of the Nigerian Economy and Non-Oil Export Revenues.”

He said: “We must in an attempt to walk towards diversifying the nation’s economy think about how we are less reliant on crude revenues. We are in the business of servicing our customers and servicing customers also entails that they have import needs and they need foreign exchange to conduct their import activities.
“There is a clear shortage of foreign exchange today but yet as bankers, we must meet the needs of our customers. The market is…



Source: Thisday Newspaper