The Chartered Institute Bankers of Nigeria (CIBN) has commended the Federal Government over the foreign exchange (forex) policy initiated by the Central Bank of Nigeria (CBN) in 2017, noting that it has stimulated the growth of Small and Medium Enterprises (SMEs).
Outgoing president of CIBN, Prof. Segun Ajibola, gave the commendation at the institute’s Annual General Meeting (AGM) in Lagos. He said: “A foreign exchange window that automatically combated foreign exchange scarcity that distorted trades in the sector was opened by CBN.”
Ajibola explained that in order to facilitate access to finance, in 2017, the Federal Government also assented to the Secured Transactions in Movable Assets Bill and Credit Reporting Bill among others. He noted that over 10,000 SMEs had been able to access funds using their Movable Assets and Credit Reporting Bill 2017.
“The policies are proving effective, the World Bank Ease-of-Doing-Business Report for 2018 placed Nigeria on 145th position out of 190 countries. This is 24 positions better than the 169th position the country was ranked in 2017 report,” he added.