Sango-Ota (Ogun) – Dr Samuel Nzekwe, a financial expert, has advised the CBN to increase its weekly foreign exchange sale limit of 50,000 dollars to Bureau De Change (BDC) operators.
Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday.
He said the current 50,000 dollars limit should be increased for the success of the new foreign exchange policy.
Nzekwe said that the upward review of the limit would make more foreign exchange available to importers of raw materials.
He said that the new sale limit of 50,000 dollars to the BDCs weekly was still small to meet the need of the various importers.
The ex-ANAN boss said that scarcity of dollar had made it difficult for manufacturers and other importers to import raw materials into the country.
”I think the official market should be for people buying large quantities of dollars, while the BDCs should be patronised mainly by customers who are buying small amounts of dollars.
“Although, it is too early to see the impact of the policy, but CBN needs to address challenges that may hinder the success of the policy,” he said.
He also advised the apex bank to consult widely with Nigerians at home and in the Diaspora whenever it was formulating any new economic policy.
NAN recalls that Mr Kennedy Uzoka, the Managing Director of UBA, announced the increase in the weekly foreign exchange allocation to BDCs at the end of Bankers’ Committee Meeting on Aug.16. (NAN)
