Forex Policy: CBN Must Ensure Full Compliance – Senator

Channels Television  
Updated August 5, 2015

ARISEFormer Chairman, Senate Committee on privatisation, Ayo Arise, has urged the Central Bank Of Nigeria (CBN) to ensure full compliance with the Forex Restriction Policy, with better attention paid to Bureau de Change.

Mr Arise on Channels Television’s Sunrise Daily on Wednesday, said the Directors of the CBN meant well for the country, as the policy would help curb money laundering.

According to him, the policy had created a challenge for  the apex bank, which it had not well managed.

He stressed that Nigeria needed to shift away from reliance on crude oil to other sectors to boost the economy.

“If a policy mandates the banks not to accept dollars, how will the banks sell dollars?” he asked.

“I think we will begin to see a better effect of the policy  if our manufacturing base grows, power supply grows and also support the local industry to grow.

“We cannot rely on oil, the country must begin to export, ” he stressed.

Talking about the debt allegation on his company, Mr Arise said that incidentally, the company in question was not owing Unity Bank.

“They had a transaction whereby the company supplied them 18 machines, they took 12 million Naira facility to clear the machines, after delivering it to the bank, the bank was owing them over 19 million Naira.

“Till date, the bank had refused to pay. There was no transaction of borrowing, the transaction was done within the bank, he said.

About his next line of action, Mr Arise said he would take the case to court,

“Although, it takes a long time and it could be frustrating. I will also report them to the National Assembly as well because it is unethical,” he stressed.