The Central Bank of Nigeria(CBN)has been urged to ease foreign currency controls on how agro exporters should use their foreign earnings to encourage more Nigerians to go into the business.

The CBN had introduced some measures to strengthen foreign currency controls in what has been described as a desperate attempt to shore up the struggling local currency.

Part of this was that agro exporters would sell their proceeds to banks upon repatriation of foreign earnings.

The other issue is that exporters cannot use their proceedings to finance non- transactions and that they can only sell their foreign exchange to banks.

The President, National Cashew Association of Nigeria (NCAN), Mr. Tola Faseru, said the measures limiting exporters’ access to foreign exchange and restricted local transactions to the banks would not help the industry as inflows from foreign exchange deposits would dwindle due to the unwillingness of exporters to transfer their proceeds.

He noted that the directive restricting exporters from withdrawing foreign currency without prior proof that it is meant for exports would negate the spirit of the liberation of export proceeds in 2015.

He explained that it was not fair for the CBN to force exporters to repatriate export proceeds and sell to the banks on the officials when the banks will turn back and sell such to traders on black market rate.

While it is important for the bank to take steps to strengthen the collection and repatriation of export proceeds, the President, Federation of Agriculture Association of Nigeria (FACAN), Dr Victor Iyama, said it was wrong for the CBN to determine how exporters use their money when some of them were not using the Export Expansion Grant(EEG) to fund their businesses.



Source:- http://thenationonlineng.net/new/exporters-protest-cbn-policy-on-forex/

Stupid man,you want to spend dollar in nigeria thereby devaluing the naira indirectly. the currency black market should be closed.this policy should also affect the oil industry.