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Group demands CBN reversal of forex policy, gives reasons

BY David Olalele

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CBN
Central Bank of Nigeria

To save players in the manufacturing sector from closing shops, the Central Bank of Nigeria (CBN) has been asked to reverse its recent policy on forex.

The National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees (NUCFRLANMPE) made the demand on Monday, September 21.

Speaking about the policy, the chemical union’s national president, Comrade Babatunde Goke Olatunji, explained that the effect of removing the third party from the chain is already having its toll on the sector.

Olatunji who made this known in Ogun state on Monday said the inability of many firms to have access to forex would reduce the access to raw material for production and this might force many of them to go down.

According to him, if there’s no Letter of Credit, there would be more problems in the sector

NUCFRLANMPE’s national president who also spoke about the hike in fuel and electricity prices said it was a double blow on the sector.

Olatunde explained that the higher the price of both essential products the higher the cost of production will be and the higher the consumer would pay on the final products and this will not be good for the economy

He, however, called on President Muhammadu Buhari-federal government to come up with workable policies to ensure an adequate supply of electricity in the country.

Speaking further about the electricity supply, he said poor electricity supply has contributed to the destruction of industries in Nigeria, which has led to smuggling and other illegal activities.

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