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CIBN hails CBN’s forex restriction for food imports


REUTERS/Dado Ruvic/Illustration

•Explores new banking models
The Chartered Institute of Bankers of Nigeria (CIBN), Lagos Branch, has extolled the Central Bank of Nigeria (CBN’s), ban on foreign exchange for importation of food into the country.

The Chairman, CIBN Lagos Chapter, Peter Ashade, explained that the directive which may have its positive effect on local production would make fast moving consumer goods (FMCG) companies begin to look inwards for raw materials sourcing, while also bringing about development in the nation’s agricultural sector.

Ashade stated this at a news conference to herald its Lagos bankers and stakeholders’ nite, tagged, “Rethinking banking models in the digital age for the economic development of Nigeria,” scheduled to hold on August 29th, in Lagos.

He, however, noted that as brilliant as the policy is, it might encourage smuggling, while also leading to high inflation rate in the country.


“It is our belief that that the apex bank would have put some factors into consideration before making this pronouncement. It is very evident that Nigeria still does not have the capacity to meet its demand for food products, but it is a welcome development going forward,” he said.

According to him, digital banking services are among the most significant developments in the banking industry in its long history, maintaining that two of its most important features are speed and convenience.

He added that traditional banking habits, security, technical issues and transactional difficulties are all major challenges facing the banking industry which must all be addressed, adding that these notwithstanding, the demand for electronic banking services continues to be very strong.

In his words: “The event will give shareholders an opportunity to discuss these pertinent issues amongst others. The theme is an instructive one for the general banking public. Banking practitioners and regulators alike are at the heart of the economy and are relevant, as we seek greater financial inclusion and more efficient banking services in Nigeria.”

He said the event would also gather top dignitaries such as the Lagos State Governor, Babajide Sanwo-Olu, with a former veteran banker and a strong shareholder in banking and financial services, Akinwumi Fanimokun as the Chairman.

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