Has FG’s foreign exchange policies helped local industries? – Punch Newspapers

• Alhaji. Remi Bello (The National Vice President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture)

That is a complex case. A situation where you have multiple exchange rates, I don’t know how that can help local industries. More so, the government or the Central Bank of Nigeria has released a list of items that you cannot use the so-called official rate of about N305 to a dollar to import. Also, you have the N360 to a dollar rate which is another widely acceptable and generally recognised rate for transactions, but it is not from the CBN.

So the policy as it is right now is complex and until we are able to have a single exchange rate, we will continue to encounter forex challenges. So I don’t know how the industry can be helped when we are having multiple rates. However, it is possible to help the local industry if the government has the…