The importers’ and exporters’ (I&E) foreign exchange (FX) window introduced by the Central Bank of Nigeria (CBN) about four months ago has attracted $4 billion from foreign investors between April and now, the Bankers’ Committee disclosed Thursday.
This is a $1.8 billion
growth over the $2.2 billion recorded in June. The window also posted a
single transaction of $240 million on August 1, 2017.
reporters in Abuja Thursday at the end of its 34th meeting, the
Bankers’ Committee said the economy was on the recovery path and on the
verge of exiting the recession, going by various indicators.
Director, Banking Supervision of the CBN, Mr. Ahmed Abdullahi; Managing
Director, Union Bank of Nigeria Plc, Mr. Emeka Emuwa; Managing Director,
FSDH, Mrs. Hamba Amba; and Executive Director, Standard Chartered Bank,
Mrs. Mobola Faleye, addressed the press.
The committee noted
that the FX market has continued to record positive gains, with the
various exchange rates in the market nearing convergence.
on the I&E window, Amba recalled that the CBN set up the window in
April, adding: “And it was very interesting that when we were going
through the meeting today (Thursday), the fact was given to us that so
far the volume of the trading that had gone on in that window was about
$4 billion and that is quite a good number.”
“It shows that the
banks have done a lot of rallying. It shows that the banks have been
resilient. It shows that the banks have contributed largely in bringing
in FDIs as much as possible into the market.
“In fact, there was a
single ticket that was done on August 1, a transaction of $240 million.
So we think that things will be looking up and we are quite hopeful
that things are going in the right direction,” the FSDH chief executive
She added that one of the areas that had also given the
committee cause for optimism on the economy was the Purchasing Managers’
Index (PMI), which has consistently been over 50 in recent months.
Purchasing Managers’ Index is an indicator of the economic health of
the manufacturing sector. The PMI is based on five major indicators: new
orders, inventory levels, production, supplier deliveries, and the
employment environment month after.
“And most of these indicators
have trended up in recent months, indicating that the economy is on the
path of recovery and will exit the recession soon,” she said.
his remarks, Emuwa disclosed that the Nigerian lenders would soon
commence the disbursement of N26 billion pooled from banks’ profits
after tax in 2015 for the Agricultural, Small and Medium Enterprises
Equity Fund that was launched late last year.
He said the
Bankers’ Committee also inaugurated the board of the fund, comprising
the chief executives of Zenith, Guaranty Trust, Access, First and Unity
The board, Emuwa added, would meet to choose its chairman
and urged prospective beneficiaries to meet their banks for the
He also said a project committee had
been set up, adding that the fund would be disbursed to beneficiaries in
the form of equity and not as loans.