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Revert to 2016 Forex policy of N250, Kano Chamber advises CBN - Bank/Money - XtremeLoaded

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Revert to 2016 Forex policy of N250, Kano Chamber advises CBN by Everest(m) : 9:15 AM On May 12

Mr Umar Dansuleka, President, Kano State Chamber of Commerce, Industry, Mines and Agriculture, has asked the CBN to revert to its 2016 Forex policy that pegged exchange rate at N250.

Dansuleka also lauded the CBN’s new intervention for Small and Medium Enterprises (SMEs) in an interview in Abuja on Thursday, describing it as being in the right direction.

“The intervention for the SMEs is good, although the 20,000 dollars that is given is a start-up; for SMEs to thrive more has to be done.

“It is not just giving the said amount but the policy that was made in June 2016 should be revisited to ensure that the range of naira to dollars did not exceed N1.99 to N250,’’ he said.

The CBN in April opened a special foreign exchange window for SMEs, to enable SMEs operators to import finished and semi-finished items not exceeding 20,000 dollars for an enterprise per quarter.

The apex bank’s special intervention was necessitated by its findings that a large number of SMEs were being crowded out of the Forex space by large firms.

Dansuleka said that the former policy would enable businesses to pick up because right now the exchange rate was still on the high side and the masses were not feeling the impact.

He said the chambers had discussed with Vice President Yemi Osinbajo to see how the 2016 policy could be revisited to reduce prices of goods and services and better the lives of citizens.

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