CBN’s 60% forex allocation to manufacturers a hoax, says MAN

The Manufacturers Association of Nigeria (MAN) on Wednesday described the Central Bank of Nigeria’s approval of 60 percent foreign exchange allocation to manufacturers to bring in their raw materials, plants and machinery, as a hoax.

President of MAN, Dr Frank Jacobs, said, “As far as I am concerned, it hasn’t worked. Our members have not benefited from it.

“I came close to calling it a hoax in the sense that it was something they dangled on our face without substance.”

Recall that more than two months ago, CBN directed commercial banks and other authorised dealers in the foreign exchange market to ensure that they channel 60 percent of total purchases from all sources (interbank inclusive) to  manufacturers strictly for the purpose of importation of raw materials, plant and machinery.

The apex bank said it took the decision following its review of returns on the disbursement of foreign exchange and observed that a negligible proportion of forex sales were being channelled towards the importation of raw materials for the manufacturing sector.

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