Don’t Blame CBN, Hold Nigerians Accountable For Forex Scarcity, Says Lemo

Ugo Aliogo

The Chairman of Titan Trust Bank, Mr. Tunde Lemo, said that the Central Bank of Nigeria (CBN) should not be blamed for the inadequacy of forex in the country.

He noted that although the CBN has to tinker with the foreign exchange policy to pay off the federal government’s debt, he insisted that Nigerians should be held accountable.

He argued that “because what determines the exchange rate of your currency is what you can offer the world; so if the demand for Nigerian products is very low compared to what we intend to import, your currency will certainly continue to dip no matter what the CBN does.

Lemo, who said this yesterday in Lagos at the first reunion party of former Wema Bank colleagues, explained that he supported the view of the International Monetary Fund (IMF) that there was a need for a system more market-friendly trading management.

“If CBN can do some of that then we will see some cash flowing into the forex arena but then Nigerians should be blamed for the depreciation of the naira because Nigerians have a taste for ostentatious goods imported from Nigeria. stranger,” he added.

Lemo praised the federal government for the role it played in helping the economy out of recession within 15 months, adding that the banking sector has continued to add value to businesses because of its spirit of resilience.

He hinted that the banking sector has been able to revitalize the economy despite the financial crisis of 2007 and 2008 as well as the challenges of COVID-19 seen in 2020.

He further explained that the economy did not dip during the COVID-19 pandemic, adding that it was as if the banking sector was anticipating the arrival of the pandemic.

“Today, every bank has migrated all of its products to the digital platform and so whether the COVID-19 pandemic restricts you or not, banking through the digital platform is unaffected, and that is why we had to improve our gross domestic product (GDP) in the first quarter and was at 3.9,” he said.

According to him, “GDP will continue to grow even if the performance of GDP in the last quarter results from the decline in the base effect. GDP will moderate in the first quarter and increase later, especially this year, before the election year. In an election year, we tend to see more inflation, which will increase GDP, there will be a lot of economic activity and it will be inflationary, so that’s what I see on the horizon.

Meanwhile, speaking on the recent acquisition of Union Bank by Titan Bank, he said: “Co-shareholders of Titan Trust Bank saw a unique opportunity in Union Bank; the bank has an additional legacy issue; the value of the bank is so. The bank is a 104 year old bank. The presence of Union Bank is significant in the business environment. Titan Trust Bank reviewed it, despite their age they are the number one commercial bank today. When you talk about trade finance, Titan Trust is number one and they saw an opportunity in Union Bank that can leverage our technology. Titan Trust is a bank that leverages fintech to deploy its services, that’s why you don’t see our footprints all over the country and we thought that by combining all that strength with contemporary strength with the value of Union Bank brand, we can make an impression in Nigeria by rapidly rolling out modern banking services to every nook and cranny. So that’s going to be a major synergy.

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