Nigerian Manufacturers Demand Flexibility in CBN Forex Policy and Interest Rates
Tuesday, 27 August 2024, 23:29
CBN Forex Policy in Focus
The Central Bank of Nigeria (CBN) has been emphasizing its forex policies, which directly impact manufacturers. Recently, the Nigerian manufacturers have expressed concerns over the conditions attached to forex accessibility linked to interest rates.
Impact of Interest Rates on Manufacturing
- High interest rates can hinder investment in manufacturing.
- Accessibility to forex is pivotal for importing raw materials.
- Manufacturers argue that less stringent conditions will promote local production.
Manufacturers' Recommendations
- Review interest rates related to forex access.
- Provide easier access to foreign currency.
- Enhance support for local manufacturers.
This plea from manufacturers highlights the necessity for the CBN to reassess its policies to bolster industrial growth amidst economic challenges.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.