The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has acknowledged the commendable achievement by the Central Bank of Nigeria (CBN) in clearing a significant $7 billion foreign exchange backlog. While applauding the efforts of President Bola Ahmed Tinubu and CBN Governor Olayemi Cardoso, NACCIMA emphasized the ongoing challenges faced by some private sector members who still have unmet forex requests.
In a statement issued by the National President of NACCIMA, Dele Oye Esq., the association expressed concerns raised by several of its member companies, which continue to experience difficulties despite the CBN’s commitment to releasing foreign exchange. According to Oye, many businesses reported that their Naira funds have been held by banks for long periods—some for over a year—without adequate communication from either their banks or the CBN, creating operational uncertainties for these companies.
Earlier this year, in February, NACCIMA, as part of the Organized Private Sector of Nigeria (OPSN), sought the intervention of the Minister of Finance to address these pressing issues, calling for greater transparency and quicker resolution. Furthermore, NACCIMA, alongside other associations such as NASSI and NASME, raised these concerns with the Minister of Industry, Trade, and Investment during a courtesy visit in the same month. The National Assembly acknowledged the seriousness of the matter, leading to a summon of the Minister of Industry, Trade, and Investment for further discussions.
As part of efforts to resolve these concerns, the Minister of Industry, Trade, and Investment convened a meeting with relevant stakeholders—including NACCIMA, manufacturers, banks, and affected customers—at the Bank of Industry in Lagos on March 21, 2024. The meeting revealed a lack of formal communication from the CBN regarding the rejection of certain foreign exchange bids. It was also noted that Deloitte, the consulting firm engaged by the CBN for verification, had not communicated directly with affected banks or their clients to clarify any disputes.
The consensus from the meeting stressed the need for direct engagement with the CBN. The Minister urged all parties to prioritize dialogue over litigation, which could obstruct efforts to reach an amicable solution.
In response to these developments, NACCIMA has called for the CBN to collaborate more closely with the Ministry of Industry, Trade, and Investment, as well as the banking sector, to resolve outstanding issues concerning letters of credit. These are legitimate transactions in which Naira had already been collected but have yet to be fulfilled.
Oye also emphasized that the continuity of government obligations must transcend individual administrations. As such, the association insists that transactions initiated under previous administrations should be honored with the same level of commitment as those initiated under the current leadership.
While acknowledging the progress made in addressing some trade claims, NACCIMA stressed the importance of a more comprehensive and transparent approach to resolving the remaining foreign exchange allocations. A more thorough solution, it argued, would not only ensure the integrity of the financial system but also boost private sector confidence in Nigeria’s banking institutions and economic policies.
