The Bankers Committee of the Central Bank of Nigeria on Thursday said within the last few months, the country has witnessed a significant increase in the demand for foreign exchange for payment of school fees and medical bills abroad.
It said the development is currently crowding out the demand for foreign exchange in the real sector stating that if left unchecked, the trend could affect the banking sector’s objective of stimulating the real sector of the economy through the provision of foreign exchange to productive sectors of the economy.
Briefing journalists shortly after the end of the committee’ meeting which was held at the apex bank headquarters in Abuja, the Director, Banking Supervision Department, CBN, Mrs Tokunbo Martins, said the issue was discussed extensively at the meeting.
She was accompanied by the Managing Director, Access Bank Plc, Mr Herbert Wigwe; the Managing Director,Standard Chartered Bank, Mrs Bola Adesola; and the Managing Director Diamond Bank Plc, Mr Uzoma Dozie
Martins also disclosed that the banking sector had recorded tremendous progress in its financial inclusion drive adding that currently, 66 per cent of Nigerians representing 57 million people now have access to financial services.
Commenting further on the pressure in the foreign exchange market, Adesola said there is need for Nigerians to make sacrifices and be patriotic in their activities
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