Politics
Nigerians React As Tinubu Vows To Honor Every Promises In Clearing Foreign Exchange Backlogs
Yesterday, President Bola Tinubu reassured that his administration’s commitment to resolving foreign exchange (FX) backlogs through fund injections into the market would be honored. He made this statement at the opening of the 2023 Bank Directors’ Summit in Abuja, emphasizing the critical importance of funding liquidity in the FX market for the current economic situation….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The summit, organized by the Bank Directors Association of Nigeria (BDAN), focused on “Emerging Issues: Navigating the Complex Balance Between Regulation and Compliance.”
The 14th Emir of Kano, Muhammadu Sanusi II, expressed concerns about the president serving as petroleum minister, hindering constructive criticism in the oil industry. Sanusi called for transparency from the Nigerian National Petroleum Company (NNPC) regarding dollar inflows. He also rejected calls to remove the AMCON levy, emphasizing its importance despite industry concerns.
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, highlighted the crucial role of regulations in maintaining compliance and curbing excesses in the banking sector.
Tinubu, represented by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, affirmed the government’s ongoing efforts to attract funds for liquidity in the FX segment. He addressed concerns about the delay in fund injection, stating that it takes time, but the government remains committed to mobilizing short, medium, and long-term funds.
Sanusi criticized the opacity of NNPC and questioned the accountability of N11 trillion subsidy payments. He defended the AMCON levy, cautioning against its removal and highlighting the government’s past efforts to bail out banks.
Cardoso emphasized the importance of regulations in banking operations, and BDAN Chairman, Mustafa Chike-Obi, called for more collaboration between the Central Bank and the banking industry.
Vice President Kashim Shettima, represented by his Special Adviser on Economic Affairs, Dr. Tope Fasua, highlighted the essential role of the banking sector in financial stability and growth, expressing confidence in the CBN’s commitment to professionalism under new leadership.
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