LCCI Advocates Review of CBN’s Import, Export Policies

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to review its import and export policies, particularly the exclusion of 41 items from the forex market.

It also wants a change to the policy preventing exporters from having access to their export proceeds.

The Director-General, LCCI, Muda Yusuf, who stated this in Lagos, applauded the latest CBN policy stopping the sale of forex to Bureau de Change operators, and also expressed concern that the apex bank was silent on the two critical issues.

The CBN, in February 2015, gave instruction to all exporters to pay their export proceeds into the domiciliary accounts of their respective commercial banks.

Also, the 41 banned items from the official forex market has generated a lot of outcries from stakeholders in the manufacturing sector who insist that some of the items are essential inputs for manufacturing