Group Urges CBN to Relax Forex Policy on Imported Goods

The Retail Council of Nigeria (RCN) has appealed to the CBN to relax its foreign exchange policy on imported items to sustain the growth of the retail sector.

The Secretary of the council, Alhaji Kunle Hamzat, said that sustainability of the retail sector was being threatened by stringent policies of the apex bank.

“We understand that forex is not available and you cannot give what you do not have but in apportioning what is available, the retail sector is neglected. The suppliers of goods that we sell are not given the desired attention by the CBN.

“The low supply and fluctuation in the exchange rate have made it impossible for our suppliers to give us sufficient goods and whatever is supplied is always at very high prices,” Hamzat said.

According to the Governor of the CBN, Mr Godwin Emefiele, the action became necessary to stimulate domestic production. He, however, explained that the apex bank would be vigilant and do a periodic review of the restricted items until it was satisfied that the excluded items were produced locally. It is estimated that Nigerians spend $1.3 trillion every year importing items like rice, fish, sugar, wheat and toothpick.

Hamzat urged government to strengthen and sustain the growth of the retail sector through the formulation of positive economic policies.

According to the Federal Ministry of Industry, Trade and Investment, N205.4 billion ($1.26bn) worth of investment was attracted into the retail sector of the country between 2012 and 2013.