Business Headline News Nigeria

MAN supports withdrawal of forex from BDCs

Manufacturers Association of Nigeria, MAN has thrown its weight behind the Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele over the withdrawal of foreign exchange from Bureaux De Change (BDCs).

The National President of MAN, Engineer Mansur Ahmed made this known in Ilorin at the Annual General Meeting (AGM) of Kwara and Kogi states branches.

He lamented the effect of activities of the BDCs on the manufacturing sector and said the CBN policy would temporarily hike the exchange rate, but the country’s economy would be better for it.

He commended efforts by the apex bank to control the flow of foreign exchange for manufacturers to get more Forex.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable rate.

Engineer Mansur said that if the foreign exchange is made available to manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while a lot of the raw materials needed will be readily available.

Engineer Mansur observed that those who are using forex for importation of drugs and arms and ammunition will pay anything to get it, hence the need for CBN to remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and other legitimate uses.

Reporting by Fatihat Olaitan; Editing by Abdullahi Lamino