The Manufacturers Association of Nigeria (MAN) has lashed out at the decision of the Central Bank of Nigeria to lift restrictions on 43 items from accessing forex through the official trade window insisting that it has the potential to hurt Nigeria’s economy.
MAN explained that the new move would result in a serious setback on the productive sector.
The Vice President of MAN, South-West Zone, and Chairman of Basic Metal, Iron, Steel, and Fabricated Metal Products, Dr. Kamoru Yusuf, expressed the concerns in a statement released on Wednesday.
He described the apex bank’s reversal as a policy somersault with potentially severe implications for the nation’s economy
According to Yusuf, the decision would affect critical areas such as unemployment, youth restiveness, port-related issues like wrong declarations, and the influx of substandard products into the market.
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He emphasised that the policy shift could lead to the proliferation of arms and ammunition in the country, exacerbating security concerns.
‘As I speak with you, most financial institutions are confused, and this policy, if not quickly reversed, may lead to the distress of some banks while massive loss of jobs is looming. This fear is open for the CBN to verify,’ he said.
In another report, in its session on Wednesday, the Senate reviewed two related proposals intending to bar the Governor and Deputy Governors of the Central Bank of Nigeria (CBN) from involvement in political affairs.
The upper chamber passed the two bills, sponsored by Senators Sunday Karimi and Darlington Nwokocha, after a second reading during the plenary.
It was proposed by the senators that Section 9 of the CBN Act, 2007, should prevent the CBN Governor and Deputies from joining any political party or involving themselves in any political activity while holding their positions.
Furthermore, they recommended that the board of the CBN incorporate representatives from the Auditor-General of the Federation, the Chairmen of the Federal Inland Revenue Service (FIRS), and the Chartered Institute of Bankers in Nigeria (CIBN).