Manufacturers Association of Nigeria (MAN) has described the decision of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country as a welcome development.
While noting that the apex bank’s policy would bring temporary hike in the exchange rate, MAN insisted that the Nigerian economy would be better for it in the long run.
MAN President, Mansur Ahmed made the position of the association known yesterday in Ilworin, the Kwara State capital.
Ahmed spoke at the annual general meeting of Kwara and Kogi states branch of the association.
“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 is fully in support of.
“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 polices in the infrastructure sector executed by the federal government,” the MAN president stated.