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The Manufacturers Association of Nigeria (MAN), Ogun Chapter, has commended the new Forex policy announced by the Central Bank of Nigeria (CBN).
The apex bank had directed commercial banks to open Forex branches at Nigeria’s airports to take care of travellers.
It also carried out wholesale interventions in the interbank foreign exchange market by providing 370.9 million dollars to 23 banks to meet the visible and invisible requests by customers.
The Chairman, Wale Adegbite, told the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun, that it was a welcome development that would improve the capacity utilisation of the manufacturers.
According to Adegbite, when dollar is available, it will make a lot of manufacturers to open letter of credit and then start producing.
”We hope more of the manufacturers would be able to get dollar because CBN said they have increased the amount of dollar selling at the foreign exchange market.”
He explained that most of the manufacturers in the country were not producing because it was difficult for them to access dollar under the former policy of CBN.
Isaac Okoroafor, CBN Director, Corporate Communication, had on Monday said that CBN had abolished the preferential treatment for manufacturers and other sectors.
He said that the apex bank would also increase the availability of Forex to banks and foreign exchange market to meet the demand of Nigerians.
