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CBN forex policy reversal will kill the manufacturing industry – Manufacturers



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The Vice Chairman of Basic metal sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye has said the new CBN directive removing the restriction on access to 43 items for imports will kill the manufacturing industry that is barely struggling to survive.

Mr. Lekan stated this during an interview on TVC Business where he bared the minds of manufacturers regarding the latest policy from the new apex bank’s management.

In his words,

He further noted that Nigerian manufacturers do not have the competitive advantage to compete with their counterparts across West Africa and other continents in the world.

He said,

Last week, the CBN lifted the ban on access to Forex for imports of 43 items imposed under the era of former CBN Governor, Godwin Emefiele.

The apex bank noted that the policy aims to boost liquidity in the Nigeria Foreign Exchange market. It also noted that it will intervene from “time to time” when there is a scarcity of forex in the market.