The federal government Wednesday announced that it was in the process of reviewing the recent Central Bank of Nigeria (CBN) policy which banned 41 items from sourcing foreign exchange from the interbank forex market.

President Muhammadu Buhari, who was represented by Vice-President Yemi Osinbajo, at the 43rd Annual General Meeting (AGM) of the Manufacturers’ Association of Nigeria (MAN) in Lagos, explained that the CBN forex policy was introduced to boost local production and protect the nation’s manufacturing sector.

He, however, noted that there could be the need to rejig the policy towards ensuring that all the associated grey areas are properly looked at and any aspect of the policy that requires amendment resolved.

According to Osinbajo, “We are going to have negotiations with the operators of the manufacturing sector to seek ways on how foreign exchange control can be eased to enable the items that are not eligible for foreign exchange to be covered,” he said.

The vice-president added that efforts were on top gear to boost power supply in the country, stressing that by the middle of 2016, power supply in the country will shoot up to about 5,000 megawatts.

“We have already carried out a survey of some transmission assets in the country and we believe that when these assets are completed, Nigeria will experience increased power supply. We are discussing extensively on power supply on a daily basis because we believe that the manufacturing sector is critical for economic growth and job and wealth creation,” he stated.

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http://monitor9ja.com/2015/10/osinbajo-we-are-reviewing-cbn-forex-restrictions/

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