The Manufacturers Association of Nigeria (MAN) yesterday, described the Central Bank of Nigeria (CBN)’s 60 per cent foreign exchange concession to its members as a welcome development that will aid efforts of government at reviving the industrial sector.
The CBN had on Monday, through a circular entitled, “Foreign Exchange Sales to End Users”, directed all authorised dealers to henceforth dedicate at least 60 per cent of their exchange purchases from all sources (interbank inclusive) to end users strictly for the purposes of importation of raw materials, plant and machinery (manufacturers).
The MAN President, Frank Jacobs, said the association commends the governor and management of the apex bank for the long awaited reprieve, adding that it would enable the sector to determine the exchange rate and stop the volatility.
“If we bid foreign exchange at N1 to a dollar, for example, the bank would have no choice than to sell. Our members should not over bid but rather see this as opportunity to grow the industry and the economy,” he said.
Lamenting that about 56 of the members of the association had been forced to close down within the last one year as a result of the forex crisis, Jacobs noted that the concession was the first time the present government was reacting positively to the yearnings of the sector.
