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Nigeria Insist On Forex Restriction Policy, Rejects IMF Advise

BY NKECHI NAECHE ESEZOBOR ( WASHINGTON DC) —-The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has disagreed with the International Monetary Fund (IMF) that its policy on foreign exchange restrictions was making foreign capital inflow into the country difficult.
The governor  who spoke at the end of the 2019 International Monetary Fund (IMF)/ World Bank Annual Meetings in Washington D.C. said: “If you are a foreign direct investor 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.

“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.”

Recall, the had at the just concluded annual meetings held in Washington DC advised the Nigerian government to unify its exchange rates to achieve desired economic growth .

Speaking further on the boarder closure the CBN boss insisted that before the boarder would be open firm decisions must be taken between the countries involved and due protocol taken serious to avoid another problem. 

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