News
Manufacturers Association of Nigeria, MAN, on Wednesday disclosed
that Central Bank of Nigeria’s approval of 60 per cent foreign exchange
allocation to manufacturers to bring in their raw materials, plants and
machinery, is a ruse.
Dr Frank Jacobs, President of MAN, said: “As far as I am
concerned, it hasn’t worked. Our members
have not benefited from it. I came close to calling it a hoax in the sense that
it was something they dangled on our face without substance,” he said.
Recall that more than two months ago, CBN directed commercial banks and other authorised dealers
in the foreign exchange (FX) market to ensure that they channel 60 per cent of
total FX purchases from all sources (interbank inclusive) to manufacturers strictly for the purpose of
importation of raw materials, plant and machinery.
The apex bank said it took the decision following its review of
returns on the disbursement of FX and observed that a negligible proportion of
FX sales were being channelled towards the importation of raw materials for the
manufacturing sector.
Credit: ShipsandPorts
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