Economy
CBN Urges Investors Not to Panic Over Forex Repatriation
By Dipo Olowookere
In recent times, there have media reports about the inability of foreign portfolio investors (FPIs) to repatriate their funds.
This issue concerning difficult in forex repatriation, according to observations, has forced some of those affected to reinvest their money in local securities like bonds, OMO bills and stocks.
The reason behind this was the suspension of foreign exchange (forex) sales to the Investors and Exporters (I&E) window of the market, where FPIs buy Dollars for repatriation.
Worried by this, the Central Bank of Nigeria (CBN) has asked investors not to panic, but be patient as such repatriations are processed, owing to its policy of orderly exit of investments.
Governor of the CBN, Mr Godwin Emefiele, who made this appeal, assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
He said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.
The bank chief, who spoke at the weekend in Abuja, noted that the CBN has put in place policies to ensure an orderly exit for those that might be interested in doing so.
Recalling a similar in 2015 over declining revenue, Mr Emefiele said that the CBN was able to settle all commitments in an orderly manner.
According to the Governor, the foreign exchange available would be devoted to strategic importation or service obligations that are priority.
Mr Emefiele, while commenting on the CBN’s plans in tackling the economic impact of the COVID-19, stated that efforts are being made to galvanise the manufacturing sector in a bid to reset the economy.
With the revenue drop from crude, the CBN Governor said Nigeria had no choice but to diversify its economic base.
He said the time had come for Nigerians to produce what can be produced in the country and consume what is produced in the country.
According to him, there is an ongoing collaboration between the CBN and the Federal Ministry of Industry, Trade and Investment to support local production.
He said the CBN has met with the banks, manufacturers in the health sector and the larger manufacturing group to make things work.
According to him, he COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.
Mr Emefiele emphasised that the challenge posed by the pandemic necessitated that, as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
