The Manufacturers Association of Nigeria (MAN) has slammed the Central Bank of Nigeria’s move to ease limits on 43 products gaining access to FX via the official trade window.
According to MAN, the proposed move would have a significant impact on the producing sector.
Dr. Kamoru Yusuf, Vice President of MAN’s South-West Zone and Chairman of Basic Metal, Iron, Steel, and Fabricated Metal Products, stated his worries in a statement made on Wednesday.
He termed the apex bank’s shift as a policy reversal with potentially dire consequences for the country’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 emphasized 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.
