Bureau de Change want special funds for industries

Despite efforts by the CBN to stop the naira from depreciating, Nigeria’s currency continues to plummet

Bureau de Change operators in Sokoto State have appealed to the federal government to provide special intervention funds to manufacturers.

The Chairman of the Bureau de Change operators, Alhaji Aliyu Sahabi, said the funds would greatly help in reviving the collapsed local industries.

“The revival of local industries is key to finding plausible solutions to the current recession hitting Nigeria hard.”

Sahabi said the revival of the industries would reduce poverty, unemployment and the high demand for the scarce foreign exchange.

The chairman further called for a special provision of foreign exchange to large scale importers to reduce pressure on the parallel market.

Sahabi described the recent move by the Central Bank of Nigeria (CBN), to cleanse activities of the foreign exchange market operators as a well development.

“We, Bureau de Change operators, really welcome any action that will rid the market of bad eggs to ensure that all the operators are law-abiding.

“Such action is crucial, more so that President Muhammadu Buhari is wagging a very commendable war against corruption.

“The president should sustain or even increase the tempo of the war, in spite the intricacies.”

The chairmen expressed optimism that the 2017 budget was capable of taking Nigeria out of recession and restore its economic prowess, if effectively implemented.

”My only appeal is that, the budget should be religiously implemented and all the programmes and policies aimed at reforming Nigeria’s economy sustained.

“These include Anchor Borrowers’ Programmes, diversification of the economy away from oil, as well as the planned recapitalisation of the Bank of Agriculture, among others.”

Recall that the government had already considered special consideration for manufacturers in the allocation of foreign currencies.

The Central Bank of Nigeria (CBN) considered about 7,792 requests for foreign exchange valued at over 867 million dollars to manufacturers and other strategic actors in the Nigerian economy in November.

Acting Director, Corporate Communications Department, Mr Isaac Okorafor, that allocation was in continuation of CBN’s resolve to ease foreign exchange pressure on manufacturers.

The access, Okoroafor noted, was given through inter-bank window to enable manufacturers and strategic actors to source for vital raw materials and spare parts for their respective industries.

He added that the figure was derived from a summary of the Forex Utilisation for the month of October.

The summary indicated that the raw materials sector received the highest allotment, getting access to foreign exchange valued at 355.7 million dollars representing 40.99 per cent of the total value.