Business MAN Urges CBN to Add 96 Goods to Forex Restriction List

The Manufacturers Association of Nigeria, (MAN), has urged the Central Bank of Nigeria, (CBN), to add 96 finished goods to its foreign exchange restriction list.

The President of MAN, Franks Jacobs said this in reaction to CBN's ordering of currency dealers to dedicate at least 60 percent of their foreign exchange purchases from all sources to manufacturers and the likes.

According to him, the list of 41 items not valid for foreign exchange should also be disaggregated along tariff lines in consonance with the standard industrial trade codes to prevent interpretation by the Nigerian Customs Service and commercial banks.

He also wants CBN to create a special interest rate regime for manufacturers at a single digit of not more than 5 percent in a bid to reflate the economy.