According to the Lagos Chamber of Commerce and Industry, the Central Bank of Nigeria, CBN’s forex policy is fueling economic crisis in Nigeria.
The chamber expressed worry over the widening gap between Naira’s exchange rates at the parallel and interbank markets, which is allegedly caused by the apex bank’s forex policies.
The naira currently exchanges for N244 per dollar at the parallel or black market, while the Central Bank of Nigeria pegs it at 197 per dollar at the interbank market.
“It is an incentive for round- tripping, it will create distortions in the economy, it compromises the principle of level playing field in the economy, it will make the management of the foreign exchange market vulnerable to all manner of sharp practices and corruption,” a statement signed by its President, Mr. Remi Bello, on Sunday says.
The chamber expressed dismay at the CBN’s unwillingness to review its list of 41 items banned from accessing foreign exchange at the official rate and demanded a publication of the list of the beneficiaries of the restrictive forex allocations in the past one month.
