MAN advises CBN to sustain current Forex sales Directive
The Manufacturers Association of Nigeria (MAN) has advised the Central bank of Nigeria (CBN) to sustain its current directive on forex sales in order to increase output by manufacturers.
Disclosing this to newsmen the president of the President of the Manufacturers Association of Nigeria, Mr. Frank Jacobs, stated that the advice is significant as the directive would help in strengthening the naira for production purposes.According to him, the policy will, in the long run, make machinery and other items more affordable for manufacturers, which in turn will lead to cheaper goods.
It would be recalled that the CBN had on the 21st of Febuary 2017 directed all banks to open outlets for sale of forex at all airports to ease forex purchases.
The directive has gradually strengthened the naira, making it exchange at 495 naira against on the 23rd of February 2017 against the 520 naira sold on the 20th of February 2017 at the parallel market.