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Repatriate dollar earnings to reduce pressure on naira, CBN tells private sector | TheCable

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The Central Bank of Nigeria (CBN) has called for the repatriation of foreign exchange (FX) earnings through official channels to ease the pressure on the naira.

Egboagwu Ezulu, CBN deputy director, banking services, said this at the maiden stakeholders’ conference of the Association of Corporate Affairs Managers of Banks on Wednesday in Lagos.“We are taking FX out of this country and dumping offshore; when we were told to bring them back. If Nigerians are bringing back FX, we would not be talking about the challenges of FX. There is a challenge for individuals and businesses to do the right thing,” Ezulu said.

“Has the manufacturing sector approached the entities for the funds available rather than emphasising the commercial banks? “I want to appeal that industrialists, as well as small businesses, should approach those two entities to get funding.”On his part, Rasheed Bolarinwa, ACAMD president, said the banking sector and the OPS were the main drivers of the nation’s economy.

 

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Repatriate at what exchange rate?

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