NACCIMA urges CBN to address unmet OPS FX requests

• Industrialists’ funds trapped for over a year

with the Minister of Industry, Nigerian Association of

Trade and Investment and the Chambers of Commerce,

gravity of the situation was Industry, Mines and

acknowledged by the National Agriculture ( N ACCIMA) has

Assembly, which led to the sumdescribed as commendable

moning of the Minister of Trade the clearance of a $ 7 billion

and Investment to discuss the foreign exchange ( FX) backlog

matter further,” he said. by the Central Bank of Nigeria

The statement added that as ( CBN).

part of the Minister of Trade and It, however , reiterates the

Investment’s preparation for need to take drastic steps to

the summon, a stakeholder address the unmet FX

meeting comprising NACCIMA, requests by some organised

MAN, affected banks and cusprivate sector ( OPS) members.

tomers was convened by the In a statement, NACCIMA’S

minister at the Bank of Industry National President, Dele Oye,

on the 21st of March, 2024. said several NACCIMA mem

The meeting, he said, revealed ber companies and other pri

that there has been a lack of forvate sector operators ha ve

mal communication from the challenged the claim that the

CBN regarding the rejection of backlogs have been cleared.

FX bids.

Oye noted that many NACCI

It was revealed that Deloitte, MA members ha ve reported

the consulting firm engaged by that their funds in naira ha ve

the CBN for verification, had not been retained for extended

directly engaged with the affectperiods, some for over a year

ed banks or their customers for expressing regret that this

clarification on any contentious happened without adequate

transactions and the minister communication from their

urged all parties to pursue diarespective banks or the CBN

logue and cautioned against leaving them in uncertainty.

actions like litigation that could He recalled that in Februar

hinder such discussion. NACCIMA sought the inter

“In light of these developments, vention of the Minister of

NACCIMA appeals to the CBN to Finance, W ale Edun, to

collaborate closely with the address the issues, emphasis

Minister of Trade and ing the need for transparency

Investment as well as the bankand expedited resolution, urg

ing sector and their clientele, to ing for a more comprehensive

resolve all outstanding issues and transparent approach to

about legitimate letters of credit resolving the remaining for

for which Naira has already eign exchange allocations.

been collected ( for a consider“NACCIMA, along with NASSI,

able time) with a promise of fulNASME and other associa

fillment,” Oye said. tions, raised these concerns , , y,