The Federal Government may get the Central Bank of Nigeria, CBN, to relax
the ban imposed on 41 items from official foreign exchange window.
Vice President Yemi Osinbajo, who disclosed this in an email obtained by
Bloomberg, said the government would consider “policy-driven restrictions” to
promote local manufacturing of 41 items, such as rice and toothpicks. He said:
“In stabilizing the macroeconomic environment, we have focused on aligning
fiscal with monetary policy and nudging the Central Bank toward the objective
of more market-determined exchange rates.”
Recall that the apex bank in 2015,
introduced a policy restricting importers of some 41 items from sourcing from
the official foreign exchange window, in order to support the naira after it
was hit by a fall in oil prices.
The policy has, however, led to the closure of
many plants in various sectors.
VANGUARDNGR
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