The Manufacturers Association of Nigeria (MAN) has hailed the decision of the Central Bank of Nigeria to suspend the supply of foreign exchange from Nigeria’s Bureau de Change (BDCs) as a positive development.
MAN stated that while the apex bank’s policy would result in a temporary increase in the exchange rate, the Nigerian economy would benefit in the long run.
Mansur Ahmed, the president of MAN, made the association’s views known yesterday in Ilorin, the capital of Kwara State.
What MAN is saying
Ahmed spoke during the annual general meeting of the association’s Kwara and Kogi state branch.
He said, “In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more forex in the manufacturing sector.
“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.
“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices.
“Clearly, that action of the CNB on foreign exchange is most welcome even if it is belated. In this regard, I affirm the support of MAN for this policy as well as other policies in the infrastructure sector executed by the federal government.”
In case you missed it
Nairametrics earlier reported that MAN is lamenting the insufficiency of forex to purchase raw materials, machines and other inputs for production.