Emefiele reads riot act to banks, cooperate bodies over ‘41 items’

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has warned companies undermining the bank‘s policy on the restriction of forex on 41 items, that they are creating problems for their chances of doing business in the country.

Emefiele said this at the 53rd annual bankers’ dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos.

He also said the apex bank has extended support of the Economic and Financial Crimes Commission (EFCC) to sanction banks that connived with unscrupulous individuals to access forex to import the restricted 41 items into Nigeria.

The governor said the CBN would place a restriction on the account of any company found wanting in that regard.

“The CBN’s economic intelligence and banking supervision department will work very closely with the EFCC to expose and sanction any bank or company whose directors or FX operator colluded with unscrupulous individuals or companies to undermine policy on 41 items.

“Such sanction will include but not limited to prohibiting the banks from maintaining bank account for such institution or person in Nigeria,” he said.

He affirmed that the apex bank will leave the no stone to ensure production Nigeria.

He said: “Based on our internal research conducted by the Central Bank of Nigeria, there is strong evidence that the recovery from recession may have been much weaker, even negative without the implementation of the restriction on the 41 items.

“Our research supports the conclusion that the combination of restrictions of the 41 items and other measures imposed by fiscal and monetary authorities has helped to promote the recovery and attempt to reverse the course of these actions may have spelled untold consequences to the trajectory of our economy, particularly in our push to diversify and restructure our economy.

“In fact recommendations are been made today to the central bank that the list of the 41 items be expanded to other additional items that can be locally produced.

“I wish to state it clearly that sustaining a stable exchange rate is of overriding importance to us at the CBN as we continue to put measures in place to shore up our reserves.”

Also, the President of CIBN, Dr. Uche Olowu, who assured that the body would continue to promote professionalism in the banking sector, said it is keen toward restoring the past glory of the profession. unturned that local deepens in