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Economists and financial experts have advised the Federal Government to prioritise policies that will help boost Nigeria’s export capacity in order to address the worsening foreign exchange crisis faced by indigenous companies.
The reliance of local manufacturers on the black market for foreign exchange has intensified in the last six years following the delisting of 44 items from accessing the forex market by the Central Bank of Nigeria in 2016. To this end, the CBN banned 44 import items from accessing FX. The items include: rice, cement, margarine, fertiliser, milk and dairy products, maize/corn, palm kernel/palm oil products/vegetable oils, meat and processed meat products, vegetables/processed vegetable products and poultry chicken, among others.had reported how the naira slumped further and exchanged to the dollar at N590 at the parallel market ahead of the Easter festive period.
In an exclusive interview with our correspondent, a professor of Economics at the Olabisi Onabanjo University, Sheriffdeen Adewale Tella, while reacting to recent calls by the World Bank and the International Monetary Fund for Nigeria to jettison its multiple exchange rate systems and maintain a single exchange rate policy, said Nigeria’s low production output negated the validity of the charge by the international financial institutions.
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