Focus on reforms to drive non-oil export revenue, attract FPI, CIBN urges CBN

The Chartered Institute of Bankers of Nigeria (CIBN) has urged the Central Bank of Nigeria to continue to focus on reforms and incentives that will boost non-oil export revenue as well as attract Diaspora and foreign portfolio investment (FPI).

The President of CIBN Mr Ken Opara,
who made this statement in Lagos at the bankers’ night said the apex bank has in a short period of time activated notable initiatives aimed at repositioning and stabilising the economy.

He said some of CBN new target initiative is to focus on the core monetary policy mandate of price and exchange rate stability, unification of the exchange rate among others.

He said the apex bank is initiating steps to boost liquidity in the foreign exchange market through commencement of settlement of mature forward obligations, adding that it will use market reflective rate for Government Treasury Securities to ensure that investors get real positive yields on their investments.

He said joint issuance of Advisory Notice by the CBN in conjunction with the Financial Services Regulation Coordinating Committee (FSCRCC) and National Broadcasting Commission (NBC) will to some extent end the scourge of Illegal Financial Operators (IFOs) in Nigeria.