Forex Restrictions: 80,000 Jobs At Risk – LCCI

LCCI

The Lagos Chamber of Commerce and Industry (LCCI), yesterday, warned that the current foreign exchange restrictions especially the exclusion of 41 items from the foreign exchange market might lead to loss of 80,000 jobs in the manufacturing sector.

According to the LCCI, this is due to the inability of manufacturers to access foreign exchange even for items not excluded.

Speaking on behalf of the Chamber at TheCable Colloquium, Dr Vincent Nwanem, said: “Is the high rate an issue for manufacturers? No, the major issue now is access. Even the goods that are not listed in the 41 items, our members cannot even fund dollars to fund them.”

The Central Bank of Nigeria, CBN, and Deposit Money Banks, DMBs, have cried out over what they considered as abnormal demand for foreign exchange, forex for “invisibles,” especially for school fees and health tourism. CBN’s Director of Banking Supervision, Mrs. Tokunbo Martins, who briefed journalists on the outcome of yesterday’s Bankers’ Committee meeting, in Abuja, said that the monetary authorities would not allow that category of demand to crowd out the real sector of the economy in the forex market.