The creation of a foreign exchange window is one tactful strategy the Federal Government is considering to facilitate the activities of exporting industries in Nigeria.
The manufacturers’ request for the sector to receive the most support possible by enabling operators to access foreign exchange through a special window to be established by the Central Bank of Nigeria was being taken into consideration by the Federal Government.
Manufacturers expressed confidence that, if used, the effort will halt the practice of operators obtaining foreign exchange on the black market. The manufacturers said that other nations, such as South Africa, previously supported these measures as a way to promote industrial activity.
The Minister of Trade and Investment, Niyi Adebayo, said his ministry would initiate steps towards helping exporting manufacturers alleviate the impact of the current forex crisis.
Adebayo said: “MANEG is a formidable group. Write to me. I will see how I can use that as a reference to engaging the CBN. As you know, the CBN is a monster of its own.
“I like the idea that you came up with, having a different window for manufacturers. The president just set up an economic team, and we have been meeting. Write to me, and we will see what we can do.”
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