(4 minutes read)
· Discontentment is brewing among exporters because of the implementation of the “unfettered access” to foreign exchange domiciliary account made possible through the issuance of the Central Bank of Nigeria (CBN) circular on September 24, 2020
· President of the Federation of Commodity Association of Nigeria (FACAN), Victor Iyama lambasted the circular and termed it as wrongful and would adversely affect farmers and exports from the country
· Letters have been written to the Central Bank of Nigeria to seek its intervention to steamroll the issue; but the central bankha s yet to respond to the issues.
Discontentment is brewing among exporters because of the implementation of the “unfettered access” to foreign exchange domiciliary account made possible through the issuance of the Central Bank of Nigeria (CBN) circular on September 24, 2020.
President of the Federation of Commodity Association of Nigeria (FACAN), Victor Iyama lambasted the circular and termed it as wrongful and would adversely affect farmers and exports from the country. He said his group would bring to the notice of President Muhammadu Buhari the legal and economic implications of the circular by the apex bank. He wanted the central bank to review the circular to encourage export of Nigerian farm produce across the globe in order to earn more foreign exchange. He termed the purported circular as one for regulating exporters.
Victor Iyama said that farmers who are making losses can boost exports only when they are given a stable price. Instead, he pointed out that the circular would reduce the price at the farm gate. The new policy by the CBN has the negative impact of preventing the foreign investors and Non-resident Nigerians in bringing in their funds into the country for investment, according to FACAN. Letters have been written to the Central Bank of Nigeria to seek its intervention to steamroll the issue. But the central bank has yet to respond to the issues.
