Nigeria In One Minute
MAN: Banks Flouting CBN’s Directive on 60% FX Allocation to Manufacturers
The Manufacturers Association of Nigeria (MAN) has expressed concern over the non-implementation of the Central Bank of Nigeria’s (CBN) directive to banks in the country to allocate 60 per cent of their foreign exchange (FX) to manufacturers.
MAN said manufacturers were yet to access the much-needed FX to boost operations in the real sector of the economy.
The president of MAN, Dr. Frank Jacobs said yesterday that most of its members were still dependent on the parallel market to source for their FX requirements, which he said had forced several of its members to close shop or reduce capacity utilisation.
According to the MAN president, banks had refused to implement this policy since the central bank was yet to make FX available at the interbank market, stressing that the banks source FX through alternative means.
Thisday, January 27, 2017
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