NACCIMA DISCUSSES THE BACKLOG IN CBN FOREX

NACCIMA underscored the need for prompt action to address specific members of the organized business sector.

On Monday, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) expressed concerns over the clearance of the Foreign Exchange backlog at the Central Bank of Nigeria and emphasized the challenges faced by its member companies.

The CBN said on March 20 that all backlogs of “valid” FX had been paid off.

While applauding the CBN for lowering the backlog, the group stressed that urgent action was still needed to resolve the unfulfilled FX requests of some private sector operators.

The National President, Dele Oye, released a statement endorsing the actions of President Bola Tinubu and CBN Governor Olayemi Cardoso. However, he continued, the CBN's claims to have cleared the currency backlog have been disputed by a number of NACCIMA member companies and other private sector entities.

Mr. Oye said that certain NACCIMA members have complained that their Naira monies have been detained for extended periods of time—some for more than a year—despite the CBN's promise to deliver, the CBN's and the banks' poor communication has left their business operations unclear.

NACCIMA, a part of the Organized Private Sector of Nigeria (OPSN), asked the Honorable Minister of Finance to step in and help address these issues in February. The group placed a strong emphasis on the value of transparency and quick resolution. In addition, the statement states that NACCIMA, NASSI, NASME, with the Minister of Industry, Trade, and Investment during a courtesy visit the same month.

The subject was brought up by the Honorable Minister of Industry, Trade, and Investment after the National Assembly acknowledged how critical the situation was. A stakeholder meeting was organized by the Honorable Minister of Industry, Trade, and Investment on March 21 at the Bank of Industry in Lagos. Participants prelude to the National Assembly Summons, included consumers, MAN, NACCIMA, and impacted banks.

The CBN has not officially informed anyone of its intention to reject bids for FX. In addition, it was discovered that Deloitte, the CBN's hired verification consultant, had not gotten in touch with the impacted banks or their customers directly to ask questions about any challenged transactions said the statement.

Mr. Oye stated that it was decided that direct connection with the CBN is essential. In addition, the minister urged everyone to strike up a conversation that may prevent people from talking, such filing a lawsuit. Then, NACCIMA wrote to the CBN asking it to work closely with the Ministry of Industry, Trade, and Investment as well as the banking industry and its customers to resolve any unresolved matters pertaining to valid letters of credit.

The committee emphasized that in office and emphasized upholding the legal transactions started by the same degree of devotion.

The group stated, “We urge a more comprehensive and transparent approach to resolving the remaining FX allocations, while strides made in addressing trade claims.”

“This will strengthen the private sector's confidence in Nigeria's financial institutions and the government's broader economic policies, in addition to supporting the integrity of banking processes.”