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
