Restriction Access To Foreign Exchange- CBN

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has said the  bank’s  acme decision to restrict access to Forex exchange for the importation of 41 items is in the best interest of the Nigerian economy.

 

He made this statement at the 26th Seminar organized for financial journalists, with the theme: “Monetary Policy Implementation amidst Global Economic Protectionism,” held in the capital city of Kogi.

 

In his keynote address, he pointed that the careful protection policy on foreign exchange restriction to some imports has been  carefully positioned, with a view to overturning the numerous challenges of slow-going foreign reserves with a referral to Gross Domestic Product (GDP).

He maintained that the implementation policy on the 41 items is the is the core reason which has contributed greatly to why the Nation’s economy has come out of recession pointing growth to real Gross Domestic Point (GDP).

 

He justified the Bank’s restriction on the  41 items was to ward off  unnecessary drain on the country’s foreign exchange reserve, deliberating on the fact that the policy is aimed at stimulating the domestic economy to enhance local production, and protect local industries from undue foreign competition and avoid market and take-over.

 

 Emefiele advised  Nigerians to support the policy on the 41 items to further reduce pressure on the Naira. Urging them to see the policy as a way of changing the structural pattern of the Nation’s economy as the sole aim of the policy is to reinvigorate the local manufacturing sector and pave way for job creation for Nigerian citizens.

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