Sun. Jun 23rd, 2024

Nigeria Forex Woes Continues As Importers Resort To Ghana For Forex.

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Concerns are growing among stakeholders in the importation sector in Nigeria overCentral Bank of Nigeria’s (CBN) plan to stop the sale of foreign exchange (FX) to commercial banks, saying it will drive importers to source funds from the Republic of Benin, Ghana and Togo.

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They said the plan would lead to a massive movement of funds outside the country, as well as affect the economy negatively.

According The Guardian report, The President of the Shippers Association of Lagos (SAL), Jonathan Nicol, stated that the planned stoppage of forex to commercial banks has led to panic buying of foreign exchange and could cripple the economy.

According to him, the policy will lead to devaluation of the country’s currency and imbalance in the economy, which he said, would greatly affect imports and exports.

“With the new plan, it means we will have to source our funds outside the bank, which will lead to panic buying, because I don’t think the bank will have money now to service imports, so, it means we have to buy the foreign exchange at our neighbouring country, like the Republic of Benin, Ghana or Togo. And that will lead to a whole lot of movement of funds outside Nigeria.

“If there is no import, it will affect export because other countries will also stop buying from you. There must be a trade balance, otherwise, your exports will be rejected,” he said.

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