Yemisi Izuora
The Nigerian Bankers’ Committee today in Lagos said that the Treasury Single Account (TSA) has not affected any bank adversely.
The committee noted that the industry liquidity is strong and disclosed that a total of N740 billion, Cash Reserve Ratio (CRR) has been returned to banks following the transition TSA.
The Managing Director of Fidelity Bank, Nnamdi Okonkwo briefing newsmen at the end of the committee’s 324th meeting declared that the industry has transited well.
Okonkwo said that total amount withdrawn from banks are being put together and denied report that N1.3 trillion had been withdrawn from banks after the TSA deadline in Sept. 15.
Okonkwo added that the transition to TSA had no negative effect on banks and particularly the erroneous belief that it might caus liquidity challenges for them .
The managing director, however, said that the CBN and the Monetary Policy Committee (MPC) have the prerogative to decide if there was need for more liquidity in the system.
Also the Managing Director of Ecobank, Mr Jibril Aku said that the deadline for bank customers to register for the Bank Verification Number (BVN) remained Oct. 31, 2015.
Aku said that the BVN, earlier shifted from the June 30 would not be extended either for Nigerians in the country or abroad and urged Nigerians to register within the 29 days left.
The Director, Banking Supervision Department of Central Bank of Nigeria (CBN) Mrs Tokunbo Martins said those abroad are required to register at Nigerian embassies in countries they reside.
She advised them to do so through the list of appointed consultants on the CBN’s website.
The committee noted that the CBN through the banks would continue to meet forex obligations to those in genuine need while assuring Nigerians that there was no need for the public to panic.
Mr Bisi Onabanjo, managing director of First Bank Plc, commended the CBN’s efforts on the management of foreign exchange market by ensuring stability saying “there is need to reserve forex for Nigeria and Nigerians.”
It would be recalled that CBN in June issued a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian foreign exchange markets.
The policy implies that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers.
They will have to source forex from the parallel market or Bureau De Change to pay for their imports.