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Body of Bank Chief Executive Officers to partner CBN to resolve Forex Issue

The Body of Bank Chief Executive Officers met to extensively review the current developments in the banking Industry especially issues around the ban of some deposit money banks from the foreign exchange markets and agreed to work closely with the Central Bank of Nigeria to address the issue in a manner that will protect the stability of the industry, as well as to ensure proper conduct in the optimisation of the foreign exchange market.

The Body formed under the auspices of the Chartered Institute of Bankers of Nigeria (CIBN) comprising of the key operators in the banking industry stressed that as professionals who understand what is at stake, it would work towards ensuring that the concerned banks comply with the directive of the Apex Bank as soon as possible to avoid negative impact on the economy.

While clarifying that there was no concealment of the exposure in any form as the banks had always disclosed the fund in their returns, the meeting which held at the Bankers House noted that the situation arose out of the maturity mismatch of funds found in certain strategic sectors to ensure the growth of the economy.

The consensus in the meeting was that there is no crisis in the industry as it is strong and stable.

The Bank Chief Executives have also resolved to continue to collaborate with the CBN and other stakeholders to forestall this and other issues that may impact on the growth of the banking industry.

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