Fidelity bank card banner Emerald Energy Institute Camano banner

CBN defends new policy on forex before private sector

By News Express on 09/07/2015

Gmail icon

Views: 2,645

The Central Bank of Nigeria (CBN) says it does not have the powers to ban any imported product while defending its new policy on forex before the private sector.

The Director, Monetary Policy, CBN, Mr Moses Tule, said this at a forum on Wednesday organised by the Lagos Chamber of Commerce and Industry (LCCI) on the issue in Lagos.

“The CBN does not have the power to ban any product.

“All we are saying is that the CBN does not have enough foreign exchange to service importers of goods that can be locally manufactured.

“Nigeria is a member of the World Trade Organisation (WTO) and we signed a treaty to it.

“The policy is aimed at building our local industries, creating jobs, reducing the pressure and demand for the foreign exchange,’’ Tule told the participants.

He said clarification of the perceived ambiguity of some of the products restricted from accessing foreign exchange would be given by banks.

He reiterated that the CBN was not earning much foreign exchange from crude oil thus the need to manage the little that was available.

The director said in the first five months of this year the sum of 575 million dollars was spent on the importation of wheat, while 374 million dollars was spent on fish and 349 million dollars on electrical and electronic appliances into the country.

"It would be wrong to continue with a policy that will keep impoverishing our farmers, local industries and growth of our economy," Tule said.

Managing Director, RTC Advisory Services Ltd, Lagos, Mr Opeyemi Agbaje who acted as the moderator of the forum likened the restriction of foreign exchange for the 41 items to a defacto ban.

He urged the CBN to always engage the Private Sector before formulating its policies.

Managing Director, Coleman Wires and Cables Ltd., Lagos Mr George Onafowokan, said that the policy would cripple the power sector alleging that it had no clear definition.

"As good as the policy is, I have a problem with it classifying raw materials as finished goods.

"The Harmonised System Code (HSC) should be clearly defined for everyone to understand it because if raw materials are restricted then we are killing our industries," he said.

The participants urged the apex bank to ensure the growth of the economy through policies that would drive and boost development. (NAN)

•Photo shows Emefiele.

Source News Express

Posted 09/07/2015 05:43:46 AM





You may also like...
26 families suffer heavy losses in Asaba mystery...

Nigeria welcomes China’s support for Digital Switch Over...

Boko Haram’s Ameer (Emir), Mechanic in military’s net...

Ogun 2019: List of APC candidates ready —...

Kano screens 11,000 cooks for school feeding programme...

Ugwuanyi swears in panel members on monarch’s death...

Abia PDP vows to monitor new LG chiefs...

Mimiko was conned

Group urges Dickson, Sylva to halt political killings...

Rhetoric of ‘Next Level’ and ‘Getting Nigeria Working...

No, Oronto Douglas is not dead! Tribute by...

Why we adopted direct primaries in Niger State...


Latest News 2 killed as gunmen storm Rivers communities Rape case: Fatoyinbo files preliminary objection, says Busola’s case ‘filed out of time’ Akpabio announces plans for industrial clusters in Niger Delta Magashi and challenges of national security Delta tribunal verdict fair, just, well-deserved, says Oyovbaire •Condemns court action as unnecessary Hostage regains freedom after 4 years in pirates’ custody PDP heads for Appeal Court as tribunal upholds Governor Masari’s re-election NNPC unveils plans to revamp refineries from January 2020 Obi advises Nigerian universities to look inwards No meeting between Dickson and Sylva — PDP Youth Network Okowa to Christians: Dedicate your life to serving God Another perspective on xenophobic attacks, By Odimegwu Onwumere


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (542,582 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,873 views) Shameless Genevieve Nnaji exposes breasts in public (390,342 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (327,217 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (295,368 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (254,027 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (250,328 views) 10 cars more expensive than Jets (239,095 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (232,020 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (218,004 views) Lagos plane crash: Journalist releases victims’ names (196,286 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,858 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,454) Business Verdict (80) Columnists (1,113) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (666) Features (815) Global Business Monitor (445) ICT Monitor (63) International (3,972) Interview (203) Live Commentary (30) Love Matters (171) Maggie's Blog (418) News (51,603) Opinion (1,364) Pidgin (17) Politics (11,469) Religion (1,103) Sports (2,173) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera