23.3 C
Saturday, June 6, 2020

No forex for goods with local substitutes- CBN



The Central Bank Governor, Mr Godwin Emefiele, has said that the CBN will not support importation of items that can be produced in Nigeria with forex.

As Nigeria continues the process of full reopening of the economy, he urged industrial conglomerates to support efforts aimed at growing the economy and returning it to its glory days.

The CBN governor said the apex bank took the decision because it cannot afford to spend its foreign exchange reserves on what would not boost the economy and generate jobs for Nigerians

He said in line with the Federal Government’s desire, the bank is determined to return the Nigerian economy to the period when the manufacturing and agricultural sectors formed the mainstay of the economy.

The CBN governor while acknowledging the challenge of low oil prices to major economies of the world, expressed confidence that the price of crude would not remain at low levels for a long period.