Breaking

We will report you to President Buhari, group tells CBN governor



The President of the Federated Commodity Association of Nigeria (FACAN), Victor Iyama, said his group will inform President Muhammadu Buhari of the grave legal and economic implications of wrongful implementation of the “unfettered access” to foreign exchange domiciliary account as contained in the Central Bank of Nigeria (CBN) circular of September 24, 2020.

This was disclosed at a press conference with journalists in Abuja on Wednesday.

Mr Iyama, while speaking at the conference, said that the CBN in its infinite wisdom needs to revise the obnoxious policy to encourage exportation of Nigerian farm produce across the globe in order to earn more foreign exchange.

According to him, “you cannot be regulating exporters” proceed why we are on deregulation, it’s not the way to repatriate people controlling funds.

“The CBN should be made to understand the pains that exporters are going through, we are not ready for our money to continue depreciating,

“But if it’s N100 to a dollar, we will sell, it is not justifiable as many people are sitting in their cosy environment building banks and others why the farmers are in pain,” he said.

“Farmers who are making losses can not encourage export until we have a stable price, what they expect us to do is reduce the price at the farm gate.

“Thereby making the farmers to suffer and they expect us to increase production and subsidize import, thereby discouraging export it’s not possible.

‘‘The new policy by the CBN has actually prevented the foreign investors and Nigerians bringing in their funds into the country for investment,” he said. Premiumtimesng

Socialize

Disclaimer
Most News articles reported on SSTNEWS are a reflection of what is published in the media. SSTNEWS is not in a position to verify the accuracy of daily news articles, however, we ensure that only news articles from credible sources are reflected in this service. Independent opinions which are mailed to us may also be published from time to time at our discretion, however the sources for these independent articles will be clearly stated.

Share your story with us: SMS: +2349067561649, Whatsapp: +2349067561649, Email: shockingstatementafrica@gmail.com or qubesentertainmentmagazine@yahoo.com
Receive Alerts on: Whatsapp: +2349067561649, Twitter: @sstnewsng