business forward

Nigeria: Review Forex Policy to Aid Manufacturing - MAN -

By Christiana T. Alabi

The Manufacturers Association of Nigeria (MAN) has called for the review of the available forex policies and guidelines to support manufacturing at this precarious time.

Director-General of the Association, Seyun Ajayi-Kadir who commented on the Central Bank of Nigeria (CBN) forex policy, stressed that the exclusion of items from the official forex window and concessional forex allocation to critical manufacturing should be reviewed.

Kadir said in 2019, CBN forex allocation to Bureau De Change (BDCs) was about $12.65 billion to the Interbank while the premium of BDC rate to that of Interbank averaged 17 percent in the last three quarters of the year.

Kadir emphasized that a single forex window will eliminate the excesses of middlemen, save the value of Naira and allow for available forex to be allocated productively using official banking protocols.

He appealed to banks to provide a seamless process and timely execution of forex applications by manufacturers.