Nigeria may continue to suffer from CBN forex restriction

President, National Association of Government Approved Freight Forwarders, NAGAFF, Eugene Nweke has said that Nigeria’s over dependence on importation is the reason why stakeholders in the real sector are still grappling and finding it hard to come to terms with the Central Bank of Nigeria, CBN, forex restriction policy.

Nweke who said this on the sidelines of a one-day professional online services/operation tracking and training workshop put together by the Concerned Accredited Freight Forwarders Association, CAFFA, and Importers Association of Nigeria, IMAN, in collaboration with a Ghanian firm, Vestrackers said if the country had focused more on export, its economy would not have been badly hit by the policy.
“Why we are grappling with this policy on forex is because for over 45 years going, our economy has been dependent on importation. If we are actually sourcing to export, it would not have been the same ab initio,” he said.
He noted that while the policy may be well intended, the approach was not well thought out as according to him, there was no due consultation with major stakeholders before its implementation.





Check the Nigerian Pilot newspaper for the full story.






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