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MAN Urges CBN To Remain Resolute On Its New Policy On Forex

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Manufacters Association of Nigeria (MAN) has thrown its weight behind the recent policy of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country.

MAN President, Engr Mansur Ahmed said this yesterday in Ilorin, Kwara state capital at the Annual General Meeting (AGM) of Kwara and Kogi states branch of the association.

The MAN boss who lamented the effect of activities of the BDCs on the manufacturing sector further noted that CBN policy would temporarily hike exchange rate, the country’s economy would be better for it.

He said foreign is not a commodity that should be taken to the market and traded.

“In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more Forex in the manufacturing sector.

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices”, he added.

Engr Mansur said the action of the CBN on foreign exchange is most welcome even if it is belated.

He said “In this regard, I affirm the support of the MAN for this policy as well as others polices in the infrastructure sector executed by the FG. The art of getting foreign exchange in the market, to me does not make sense.

“And yet we know that this process has indeed made huge sum of forex into the BDCs. We do not see how that will help the economy.

“Certainly, if the foreign exchange is made available to our manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while lot of the raw materials needed will be readily available

“So if you have to sell forex to traders in the market as if it is a commodity, you are denying the manufacturing sector these vital resources. The law of forex as it was being done is not sustainable.

“According to the CBN report, the number of BDCs exploded between 2005 and 2021 from 74 to over 6,000. Assuming giving $20,000 to BDCs weekly, this will amount to over $600m of forex weekly going into the market instead of going into industries to produce goods and services and create employment.

“How do you control the flow of forex in BDCs not to fall into the hands of those who will take it out of the country and go and stash in foreign bank or go to the hands of those who use it to buy weapon and make our lives miserable expanding the scope of terrorism and banditry?

“So we welcome this change by the CBN and ask that the central bank remain resolute. We are aware that this initiative was part of the reason for the recent hike in forex rate. We believe it is going to be temporary.
“Those who are using it for importation of drugs and arms and ammunition will pay anything to get it. Our message is that the CBN should remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and to genuine legitimate users which it is supposed to be for”, he added.

Earlier, Kwara and Kogi state chair of MAN Bioku Rahmon urged the Federal Governemnt to apply quick remedies to support for the country’s industrialists.

Mr. Rahmon bemoaned the high and fast-rising Nigeria’s debt profile and sundry other challenging plaguing the manufacturing sector.

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I Inherited Politics From Home-Kawu Sumaila

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Honourable Abdurrahman Kawu Sumaila

 

A former member of the House of representatives for Sumaila and Takai federal Constituency from Kano state Honourable Abdurrahman Kawu Sumaila and New Nigeria Peoples party senatorial candidate for Kano south says he inherited politics from home.

The NNPP senatorial candidate stated this during a rally organized by the party at Karaye town in Kano south senatorial district.

Honourable Abdurrahman Kawu Sumaila who was a former adviser to President Muhammad Buhari on national assembly matters says learning politics from home made him to play it with decorum and ensuring human dignity.

Abdurrahman Kawu Sumaila who is challenging the former Governor of Kano state in the aborted third republic Senator Kabiru Ibrahim Gaya for the Kano south senatorial district ticket said playing responsible politics is the best thing to do at this critical time in Nigeria’s history.

According to Honourable Abdurrahman Kawu Sumaila its not proper for the state APC chairman to be making utterances that is meant to overheat the polity .

Hajiya Basira Dantata, Governments, Genuine Capitalists and the Poor
“Whenever a politician makes inflammatory statement,those statement is meant to dent the image of where he comes from.”

Honourable Sumaila said during the last Kano Emirate fracas when Governor Ganduje split Kano Emirates ,he and some prominent politicians in Kano made case for the appointment of Abdullahi Abbas as Emir but he was dismissed by Governor Ganduje noting that the Governor listed some incompetent qualities associated with the state APC chairman.

The rally was attended by New Nigeria People’s Party stalwarts and teeming supporters from Kano south senatorial district.

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BREAKING: CBN Extends Old Naira Use Deadline Till February 10 President Muhammadu

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President Muhammadu Buhari approves a 10–day extension of dateline for the cash swap programme from January 31st to February 10

Details later….

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Government Will Eliminate Squeeze ,Chaos In Currency Swap-Buhari

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President Muhammad Buhari

 

President Muhammadu Buhari, Saturday assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding. This, he assured, will stabilize and strengthen the economy.

While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.

He reiterated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
January 28, 2023

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