Stakeholders Lauds CBN Forex Policy, Say It’s Good For Exporters | Independent Newspapers Limited
Newsletter subscribe


Stakeholders Lauds CBN Forex Policy, Say It’s Good For Exporters

Emefiele, fall of Naira
Posted: Jun 27, 2016 at 3:50 pm   /   by   /   comments (0)

Seyi Taiwo-Oguntuase,Lagos


Stakeholders in the agricultural sector have commended the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on the new foreign exchange policy.


Stakeholders, who spoke with Independent, said it is a welcome development and that it is a good time for the Nigerian exporters who have before now been deprived of dealing freely with their hard earn foreign exchange.


Tola Faseru, National President of National Cashew Association of Nigeria (NCAN) recalled that when the other policy came last year February, exporters were taken aback with that policy which says exporters could not have unfettered access to their foreign exchange.


He said they were taken aback because everyone who has interest in the diversification of foreign exchange earnings of this country taught that it was inimical to the growth of export and that it was not in tandem with the spirit of economy diversification, adding that it was entirely different from what the government was saying they were trying to pursue.


“We knew that, that was going to run down the enthusiasm of the exporters and clearly it is going to drop earnings from the non oil export and everything has shown because almost all the exporters, 50 percent of exporters have left the business.


Adding, “We are grateful to God that the Governor of the Central Bank of Nigeria (CBN) in his wisdom reverses that policy and he said that exporters now have unfettered access to their foreign exchange.  It was so bad that even exporters could not use their money to pay for the freight, they have to go and buy from the open market while their money were locked up and taken charge by the banks and these monies were been sold and profited from by the banks.”


“So we thank God for what has happened and we trust that in the full implementation when exporter repatriate their monies they will be able to sell at the open market rate. It would provide more liquidity for the market,” he said.


Godwin Okoh, Managing Director of OG2 Tech Consult and Investment Limited, stated that it was a welcome idea because the market has been thrown open.


“It is a welcome idea, let us leave it to the market force, so that the naira itself will have the true value. So, give and take, it is a good time for exporters generally especially those who are before now been crying on how they are been shortchanged,” he said.


Okoh also recalled that the mandate has been before now as an exporter will take all the trouble exporting and at the end of the day he will be pegged at N199.


He also advised that the policy should be allowed to work accordingly.


Also, state chairman of FADAMA, Muftau Oyelekan, stated that the new policy has its merit and demerit and that it is favourable in order to control the free flow of foreign exchange for those who normally abuse the provision of foreign exchange.


He said it has its demerit because it is not available to transact business.


“It is not readily available for faithful and struggling Nigerians that want to make use of the dollar, but aside that I think it is a good policy and it has an advantage for exporters, but the demerit is the non availability of the currency for free flow of business,” he said.