GTB 737 banner Yudala banner

Expert wants CBN to review forex policy, lift ban on 41 items

By News Express on 03/01/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 659

 •CBN Governor Emefiele.
•CBN Governor Emefiele.

A financial expert on Monday called on the Central Bank of Nigeria (CBN) to review the foreign exchange restriction placed on 41 items imported into the country.

Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Keffi, made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the review had become important, especially those items critical to the economic development of the country.

NAN recalls that the CBN had in July, 2015, restricted about 41 items, including vegetable oil, poultry products, cosmetics and plastic and rubber products, among others, from access to foreign exchange from its official window.

The apex bank said that the country has the capacity to produce those items locally.

Uwaleke stated that the apex bank should, however, revisit the list of 41 items with a view to exempting a few, especially pharmaceutical items, considered critical to the health sector.

Uwaleke, who was assessing the apex bank’s management of the forex crisis, said that the restrictions on a number of items should remain until the country’s export base was sufficiently diversified.

He also scored the apex bank a pass mark on the management of the crisis, especially since the naira was floated in the second quarter of 2016.

“I would score the CBN a pass mark. It would be suicidal for the value of the naira to be left completely to market forces on account of the disequilibrium in favour of the demand side.

“Until the country’s export base is sufficiently diversified and there are sustainable multiple streams of forex, the restrictions on a number of items from accessing forex from the CBN should remain.”

He stated that the introduction of the future segment had gone a long way in reducing pressure on the spot market.

According to him, the CBN should improve on market transparency due to allegations of multiple exchange rates in use.

“Much as it makes sense to adopt a concessional window for critical manufacturing inputs and fuel imports if the pump price of fuel must remain at present level, it is unacceptable to use preferential rates for top government officials.”

Uwaleke said that the CBN should not contemplate the idea of using force to extinguish the parallel market.

He said that the strategy did not work in Venezuela and Egypt, noting that it would be a waste of resources if attempted in Nigeria. (NAN)

Source News Express

Posted 03/01/2017 05:09:57 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
National Peace Committee intervenes in Southern Kaduna crisis...

Make-Up Artist wins N2m in Fidelity Get Alert...

2014: WHY I WANT TO BE ANAMBRA GOVERNOR...

Yudala Mobile Monday goes live, discounts offered for...

We have changed Bayelsa, says Gov. Dickson

Why ISIS is targeting Catholic Church

Anxiety over Jega’s fate •He’s been ordered to...

Boko Haram: Military warns media, assures Nigerians of...

Amaechi’s rejection of award a huge relief: Rivers...

Journalists allege bias, reject judge

Court refuses to accept EFCC’s evidence against Metuh...

Polytechnic lecturers threaten strike as FG fails to...

 

Latest News Buhari’s sickness: Group issues one week ultimatum, challenges Osinbajo FG, Google to partner on ICT training for youths Nigeria, UN sign 5-year Sustainable Development Partnership Framework Amending 1999 Constitution will promote good governance, says Dogara Fidelity Bank pioneers self-service feedback system for *770# FG takes delivery of 2 standard gauge locomotives Senate to investigate alleged killing of Nigerians by Bakassi indigenes FG restates commitment to combating illicit financial flows Dakuku rouses African maritime stakeholders to fight for better share of global maritime trade Half year earnings: NSE All-Share Index hits 37,000 mark Today’s weather: NiMet forecasts clouds and thunderstorms, plus rains in coastal areas Northern Governors, traditional rulers meet over restructuring

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (267,123 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (247,961 views) Shameless Genevieve Nnaji exposes breasts in public (201,949 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (172,757 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (169,732 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (151,453 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (131,074 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (123,694 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (115,513 views) Lagos plane crash: Journalist releases victims’ names (107,551 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (107,226 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (99,835 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,640) Business Verdict (18) Columnists (717) Complaints & Requests (92) Enterprise & Opportunities (167) Entertainment (345) Features (472) Global Business Monitor (167) International (1,465) Interviews (126) Live Commentary (28) Love Matters (64) News (26,863) Opinion (760) Pidgin (8) Politics (3,824) Religion (582) Sports (1,288) Stock Watch (20) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!