Forex: CBN cautions speculators, says flexible framework will hurt them

The Central Bank of Ni­geria (CBN), yesterday, warned speculators in foreign exchange to desist from it as the proposed framework for flexible foreign exchange rate about to be released would definitely make them regret their actions.

Also, the CBN assured Nigeri­ans that the about to be released framework for flexible exchange rate would be comprehensive to address most of the issues in the foreign exchange rate manage­ment.

It said that it is working in concert with financial institu­tions in the country to increase the financial inclusiveness by targeting at least 80 percent of the population covered by the year 2020.

Further, on the on-going wind of retrenchments in the banking sector, the apex bank noted that even though efforts were being made to minimize it but main­tained that exit from institutions must occur for various reasons including fraud.

The CBN made these dis­closures at the end of the 327th Bankers Committee meeting held at the banks Corporate Headquarters, Abuja.

 

In a briefing coordinated by the Director of Banking Super­vision, Mrs. Tokunbo Martins who was flanked by the Chief Executive Officers of United Bank of Africa, Philip Oduoza; Standard Chartered Bank, Mrs Bola Adesola and Union Bank, Emeka Enuwa, the apex bank noted that the current level of fi­nancial inclusion is below target.

According Martins, “We continued the discussion on fi­nancial inclusion and as you all know financial inclusion is something that is very impor­tant to the economy today.

“We recall that in the last bankers committee meeting, we spoke about the rate of ex­clusion and as today we have fi­nancial inclusion of rate of 60.5 percent and you recall that the target is that by 2020, we should have 80 percent of the popula­tion included”.