Ecobank defends CBN’s Foreign exchange policies

The Group Chief Executive Officer of Pan-African lender, Ecobank Group, Mr. Ade Ayeyemi, on Thursday defended the foreign exchange policies and actions of the Central Bank of Nigeria.

According to him, the regulator is on course in addressing the challenges of the market.

In an interview on Bloomberg Television from the World Economic Forum for Africa holding in Durban, South Africa Mr Ayeyemi said the CBN was in the best position to decide foreign exchange management issues based on facts available to the financial regulator.

On the ongoing restructuring in Ecobank, the CEO said the lender had stopped its Pan-African expansion programme and was now consolidating.

Ayeyemi said part of the consolidation exercise may include trimming physical branch network in Nigeria and, reposition the bank’s processes more in line with the digital technology now in vogue around the world.