The Central Bank of Nigeria has said it will partner with the Economic and Financial Crimes Commission to expose and sanction institutions that work against its foreign exchange policy on stimulating domestic production.
The CBN Governor, Godwin Emefiele, was quoted in a statement as saying this in Lagos.
Emefiele said, “The CBN’s Economic Intelligence and Banking Supervision Departments will work very hard with the EFCC to expose and sanction any bank, company or forex operator that colludes with unscrupulous individuals/companies to undermine the policy on 41 items.
“Such sanctions will include, but not limited to prohibiting the banks from maintaining any bank accounts for such institutions or persons in Nigeria.”
He noted that remarkable success had been achieved in stimulating domestic production of goods such as rice, cassava and maize, as a result of the restrictions placed by the CBN on access to forex for the 41 items.
Emefiele said the CBN intended to vigorously ensure that the policy remained in place, and additional efforts would be made to block any attempts by unscrupulous parties (both individuals and corporates) that intended to find other avenues of accessing forex in order to import these items into Nigeria.
produced goods; additional growth for our banks and financial institutions as they will be able to provide financial services to support these new businesses; and finally, the millions of Nigerians that will be employed in factories to support processing of goods.”