MAN begs CBN for access to forex
Dr Wale Adegbite, a former Chairman of Ogun State chapter of the Manufacturers Association of Nigeria (MAN), has advised the Central Bank of Nigeria (CBN) to provide foreign exchange for manufacturers to boost their productivity.
Adegbite said that the provision of foreign exchange would help manufacturers import their raw materials into the country and enable them to produce for both the domestic market and export.
He identified poor access to foreign exchange, which is also known as forex, as a major challenge facing the manufacturing sector.
According to him, the lack of forex is a major challenge confronting the manufacturers as this makes it difficult for members to open letters of credit to bring in raw materials into the country.
“The manufacturers would prefer a solution to the problem of lack of foreign exchange as this is the major area pinching our members.
“This is the area we want the federal government and the apex bank to urgently work on by providing adequate foreign exchange for manufacturers to make raw materials easy for us. “he said.
Adegbite said that poor access to foreign exchange had deprived manufacturers from producing to maximum capacity.
He said that it was only when the manufacturers produced at maximum level and made profits that they would be able to provide employment opportunities for the teeming youth in the country.
Adegbite also said that this would also further reduce the nation’s inflation rate since more goods and services would be provided.
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Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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