CBN tasked on voluntary offshore asset repatriation window for improved liquidity

As the COVID-19 crisis continues to trigger dollar shortage in the country, the Association of Bureau De Change Operators of Nigeria (ABCON) has charged the Central Bank of Nigeria (CBN) to establish a voluntary offshore asset repatriation window for more foreign funds into the economy.
The window is to boost foreign exchange (forex) liquidity and stem the volatility in the market.
It would also diversify the nation’s foreign exchange earnings, support national planning, enhance backward integration and import substitution policies.
ABCON president, Alhaji Aminu Gwadabe, in a statement said the proposed plan was a monetary instrument of the apex bank backed by an Act of the National Assembly for non-disclosure of the sources or basis of proceeds of the funds to be repatriated.