- Presco Plc has commended the Central Bank of Nigeria (CBN’s) policy to ban foreign exchange sales to certain segments of the economy, noting that this move by the apex bank will help save its hard-earned and scare foreign exchange and boost local production in the country.
- Chairman, Presco Plc, Mr. Pierre Vandebeeck, explained that each time Nigeria spends it’s foreign exchange on products that can be produced locally, it creates wealth and employment for other economies of the world.
- Vandebeeck made this known during the company’s 22nd Annual General Meeting, pointing out that Nigeria must focus on addressing its macro-economic issues by diversifying the nation’s revenue base.
- “We applaud the decision of the CBN for the restriction on the sale of foreign exchange policy because there is no reason to import things with our hard earned foreign exchange on things we can produce locally. When we import, we spend our scarce foreign exchange creating wealth and employment for other economies whereas, there are so many problems to be tackled here,” he said.
- Presco will be happy about such policies as it helps boost its export revenue even though a huge chunk of its market is still local.
- Nevertheless, a protectionist market helps Presco regain market share and price control for its products.
- Source: Thisday
Why Presco is Ecstatic About CBN Forex Policies
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