CBN assures exporters of unhindered access to their dollar earnings

Godwin Emefiele, Governor of Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has given assurances to exporters that they will continue to have unfettered access to their export proceeds.

This is believed to be part of the monetary control measure by the apex bank to ensure more dollar inflow and maintain forex liquidity.

This disclosure was made by the Governor of CBN, Mr Godwin Emefiele, during a virtual presentation at Zenith Bank’s 2021 Export Seminar, on Thursday, April 20, 2021.

Emefiele, however, in his statement, urged the exporters to reciprocate the good gestures of the central bank by repatriating their funds back to the country.

He said that supporting greater trade within Africa and the global community is vital to the CBN’s objectives of enabling greater economic growth and creating employment opportunities for the country’s growing population.

Emefiele said there is a strong push for the diversification of the Nigerian economy as the coronavirus outbreak has impacted negatively on global oil prices in 2020, which led to a huge drop in the country’s foreign exchange earnings and government revenue.

The CBN boss was optimistic that the African Continental Free Trade Agreement (AFCFTA) will provide opportunities for the Nigerian private sector to expand into new markets and seek new export opportunities, particularly in the area of manufacturing, ICT, agriculture and financial services.

He stated that the full implementation of AFCFTA would give Nigerian firms preferential access to markets in Africa with a value of about $504.17 billion in goods and $162 billion in services.

What you should know

It can be recalled that the CBN had introduced several measures to encourage the inflow of forex into the country following the sharp drop in oil revenue.

Some of those measures include the Naira 4 Dollar Scheme, an initiative aimed at giving incentives to senders and recipients of international money transfer in order to attract more diaspora remittances through official channels