Manufacturers commend Central Bank on forex policy

Nigerian manufacturers have lauded the Central Bank of Nigeria (CBN) for its new market-driven foreign currency policy, describing it as a boost to the manufacturing sector.

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir said the move will not only relieve distressed manufacturing businesses, but would also serve as an effective tool for sourcing for raw materials and imrpove manufacturing capacity nationwide.

Mr. Ajayi-Kadir also commended the apex bank for increasing dollar supply to small importers, which he said will help improve the ease of doing business in the country.

The CBN had last month opened a new foreign-exchange trading window where currencies sell at market rates. This new policy replaced a restriction on foreign currencies due to a massive fall in crude oil prices since 2014.

Nigeria is currently rebounding from an economic recession, following a steady rise in oil prices, improved local and foreign investment in agriculture, and an ambitious national budget focused on massive infrastructural development.

Bloomberg/Mazino D