MAN Applauds CBN’s Decision On Forex Allocation To BDCs

MANUFACTURERS Association of Nigeria (MAN) has applauded the decision of the Central Bank of Nigeria (CBN) to suspend the supply of foreign exchange to Bureau de Change (BDC) operators as a positive development.

MAN President, Mansur Ahmed, who made the association’s views known yesterday in Ilorin, the capital of Kwara State, noted that while the apex bank’s policy would result in a temporary increase in the exchange rate, the Nigerian economy would benefit in the long run.

In his world, “In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more forex in the manufacturing sector.” 

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector fully supports.

“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 prices.

“Clearly, that action of the CNB on foreign exchange is most welcome even if it is belated. In this regard, I affirm the support of MAN for this policy as well as other policies in the infrastructure sector executed by the federal government.”