Saturday, March 29, 2025
HomeNewsIndustry Ministry to Push for Special Forex Window for Export Manufacturers

Industry Ministry to Push for Special Forex Window for Export Manufacturers

Nigeria’s Federal Ministry of Trade and Investment has said it will explore the opening of a separate special window for procurement of foreign exchange, Forex, for manufacturing exporters to address the crushing impact of forex scarcity on that business segment.

Nigeria runs a multiple exchange rate system where different windows are created for different needs and exchange rates in those windows differ. The special window exchange rate is around N430to $1.0 as against N740 in the open market.

The idea is to prioritise some sectors for the allocation of scarce forex resources and the export manufacturers believe their sector should also be a priority.

Also read:  𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: 𝐋𝐚𝐠𝐨𝐬 𝐒𝐭𝐚𝐭𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲 𝐨𝐟 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐬 𝐂𝐍𝐆 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐟𝐨𝐫 𝐊𝐨𝐫𝐨𝐑𝐘𝐃𝐄 𝐄-𝐇𝐚𝐢𝐥𝐢𝐧𝐠 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦

This, according to the manufacturers, will put an end to a situation where operators go to the parallel market to source forex.

The manufacturers also said that other countries like South Africa were already embracing such proposals as a means of encouraging manufacturing activities.

They made these known during the Manufacturers Association of Nigeria Export Promotion Group’s (MANEG) Annual General Conference in Lagos last weekend.

In his response, The Minister of Trade and Investment, Niyi Adebayo, said his ministry would initiate steps towards helping exporting manufacturers cushion the impact of the current forex crisis.

He said, “MANEG is a formidable group. Write to me. I will see how I can use that as a reference to engaging the CBN. As you know, the CBN is a monster of its own.

Also read:  How Nigerian Exporters Lost N3.6trn in Agro Products

“I like the idea that you came up with, having a different window for manufacturers. The president just set up an economic team, and we have been meeting. Write to me, and we will see what we can do.”

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Ashaolu sunny Joseph on Where to Get Loan For Small Businesses
Lateef Oluwanishola Olabanjo on Best Personal Loans In Nigeria
Lateef Oluwanishola Olabanjo on Best Personal Loans In Nigeria
Oyelaran olanike funmi on Best Personal Loans In Nigeria
Jimoh Isiaka olanrewaju on Where to Get Loan For Small Businesses
Atolagbe sanjo babatude on Where to Get Loan For Small Businesses
admin | Abbey Oyetunji on How To Get The BIG Money Clients
adebayo on Contact us