The Central Bank of Nigeria (CBN) may take another look at the list of the 41 products that it recently categorised as no longer eligible for foreign exchange in the interbank market or the Bureaux De Change (BDCs).
The Director, Monetary Policy Department at the CBN, Mr. Moses Tule, dropped this hint at the private sector dialogue on the apex bank’s foreign exchange policy organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos yesterday.
He spoke against the backdrop of complaints that the failure of the CBN to define the Harmonised System (HS) Code for the items would prevent some importers from accessing foreign exchange, thus leading to the closure of several businesses and the attendant loss of thousands of jobs.
Tule pointed out that the major objective of the CBN in stopping the sale of forex to affected importers was to ensure the survival of the Nigerian economy.
He stated that the regulator had little choice but to take the step, arguing that the rising demand for foreign exchange would have resulted in the depletion of the external reserves and the collapse of the economy.
Tule lamented the import dependent nature of the country’s economy, pointing out that many of the items that are imported into the country can be produced locally.