The immediate past Anglican Bishop of the Diocese of Ife, Rt. Rev. Oluranti Odubogun, have noted that “if the Federal Government does not map out economic strategy to forestall further scarcity of forex, there is a grave danger of increase in unemployment as organisations will begin to lay off workers. This was stated at a news conference on the state nation in Lagos.
He also added, ” let the government provide Forex on the basis of needs that are genuine and imperative for incremental value to the economy. Categorization is also important.”
Odubogun, who is also a former business administrator, advised that the government could tap into the Forex it generates from other sources.
He also stressed that,“There are other sources through which foreign exchange is earned. If they are properly managed and harnessed, they could more than mitigate against the drop in direct oil sales,” he said.
“There are sources through which foreign exchange is earned in this country. There are services being provided, and there are other areas where government earn Forex,” he noted.
While backing the Central Bank of Nigeria’s policy banning importers of some 41 items from accessing Forex from the official window, Odubogun said that Forex would continue to be scarce until government created the conducive business environment that encouraged local production and exportation.
Following early last week, Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria.
