Emefiele assures Manufacturers of Steady Forex Supply 

04 Jun Emefiele assures Manufacturers of Steady Forex Supply 

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday reiterated the bank’s commitment to ensuring steady availability of foreign exchange for manufacturers.

Speaking alongside the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, at an interactive session with a business team from the United Kingdom, Emefiele, however, explained that the fall in oil prices had affected the inflow of forex, causing the restriction of access to forex for the importation of goods that could be produced locally, in order to ensure judicious use of forex.

He identified the three main sources of forex inflows to the country as the sale of crude oil, remittances from Nigerians abroad and foreign investors.

Emefiele, represented by the Deputy Governor, Economic Policy, Dr. Kingsley Obiora, stated that some of the issues raised by the companies would be looked into to assist them in their daily operations.

Minister Adebayo who facilitated the meeting said the growth of the companies would boost the economy and make more money available for the federal government to build more infrastructure and to create jobs for the youths.

A statement by his spokesman, Ifedayo Sayo, he said the companies lauded the CBN for funding of local companies and the various reforms put in place to assist in keeping their businesses afloat.

They also solicited for more forex to enable them to continue in business, pay their lenders and maintain their machines.

Some of the companies present at the interactive session included GlaxoSmithKline, a pharmaceutical company, Savanna Energy, AzuraPower West Africa, Guinness Plc.