On April 1st, 2015, Templars held a closed-door interactive session at the firm’s Lagos office on liberalising the CBN restrictions on the use of export proceeds.
Attendants of the session exceeded thirty people, including professionals from financial institutions, Oil & Gas, and investment organisations. The panellists were Chike Obianwu – Templars’ Partner and Head of Finance Group; Desmond Ogba – Templars’ Senior Associate, Finance Group and Olufemi Oyekola – AGM, Stanbic IBTC. The session focused on key issues regarding CBN’s February 19 circular on exports proceeds repatriation and the ensuing challenges it has brought about on businesses’ cash flow, as well as potential solutions to these challenges.
While acknowledging that it is the CBN’s purview – especially in unusual times – to take drastic measures to protect dwindling reserves and curb the devaluation of the Naira, experts at the session shared their experiences on the broad dissatisfaction the directive has generated among exporters – particularly in respect of the CBN’s definition of ‘unfettered access’ to export proceeds.
The session as a whole examined the question of overreach of powers by CBN, and brainstormed on meaningful ways to engage the CBN to renegotiate the circular under terms that are more agreeable to all parties. Another key take-way from the session was a need for the CBN to replace the out-dated Foreign Exchange Manual.
Templars organises sessions on topical issues with relevant industry professionals to unearth prevailing challenges in the Nigerian business environment, and reflect on practical ways to remedy them.
The gallery below shows pictures from the export proceeds session.