Emefiele defends forex restriction on 43 items


The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has defended the apex bank’s policy restricting foreign exchange sales for 43 items that can be produced locally.

Speaking at the end of the 2019 International Monetary Fund (IMF)/ World Bank Annual Meetings in Washington D.C, he rejected IMF’s position that the policy is making it difficult for foreign capital inflow into the country.

He said: “If you feel that our restriction of foreign exchange access t for the importation of items that can be produced in Nigeria is wrong, that is not false. If you are a foreign direct investor, that is interested in doing business in Nigeria, I will say instead of you facilitating the import of these items into Nigeria, we want you to come and produce it in Nigeria”.

Emefiele added: ” Nigeria is a market of over 200 million people. So, you do not have a choice than to come, bring your investment plans and equipment and produce that item in Nigeria so that Nigerians can consume it.

“Then, you will make your profit and take your dividend out of the country. So, I disagree with that position that foreign exchange restriction is hurting investment inflow into Nigeria”.

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