Forex ban lift on 43 items will hurt economy – MAN

The Manufacturers Association of Nigeria has criticised the Central Bank of Nigeria’s decision to lift restrictions on 43 items from accessing forex through the official trade window.

MAN said the new move would result in a serious setback on the productive sector.

The Vice President of MAN, South-West Zone, and Chairman of Basic Metal, Iron, Steel, and Fabricated Metal Products, Dr. Kamoru Yusuf, expressed the concerns in a statement released on Wednesday.

He described the apex bank’s reversal as a policy somersault with potentially severe implications for the nation’s economy

According to Yusuf, the decision would affect critical areas such as unemployment, youth restiveness, port-related issues like wrong declarations, and the influx of substandard products into the market.

He emphasised that the policy shift could lead to the proliferation of arms and ammunition in the country, exacerbating security concerns.

“As I speak with you, most financial institutions are confused, and this policy, if not quickly reversed, may lead to the distress of some banks while massive loss of jobs is looming. This fear is open for the CBN to verify,” he said.