Bank commended for forex policy

ayodele johnson

January 22, 2016 9:32 AM

Production had increased from 50 to 70 per cent

Central Bank of Nigeria

The foreign exchange policy introduced by the Central Bank of Nigeria is not quite the evil it has been made out to be.

This is the thought of two local packaging firms in the manufacturing industry.

Deputy Managing Director of Tempo Paper Pulp & Packaging Limited, Mr. Nassos Sidirofagis observed that the foreign exchange has favoured his company in respect to increasing the demand for their services.

Production had increased from 50 to 70 per cent.

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In a similar opinion, the Group Operation Manager of SREN Chemicals Limited, Mr. Oluwasesan Taiwo-Tijani, explained that his organisation had benefitted from the CBN foreign exchange policy.

He commented that the CBN forex policy had left several companies with a preference for imported materials to patronise SREN Chemicals. “This impacted on our sales and our productive capacity has increased by 30 per cent”.

This should encourage the government to look into driving the economy to an angle where foreign made goods can be produced in Nigeria, as there are some that can’t be made in the country.

ayodele johnson