The remarkable increase in the value of Naira has been applauded by the National Association of Government Approved Freight Forwarders (NAGAFF) and advised the Central Bank of Nigeria (CBN) to introduce more measures to strengthen the naira.
The National Publicity Secretary of the association, Mr Stanley Ezenga, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. He said the 13 per cent appreciation of the naira following the Feb. 20 CBN intervention was good news for the economy.
According to him, “NAGAFF sees the intervention, which include increased forex access to end users by supplying more dollars to banks and directing them to open sales outlets in major international airports, among others, as good steps.
“This is really great news and we at NAGAFF believe the apex bank deserves a pat on the back for this great work.
“However, we urge the bank to introduce more measures that will further strengthen the country`s currency,” the NAGAFF spokesman said. As regards lifting forex ban on the importation of some 41 items in the bid that it would help the naira, he expressed doubts, “What I am sure is the solution to this forex problem is to increase exports as a nation: If we export more and consume more of locally-made products, it will help a great deal.”
According to NAN’s report, the 41 items banned include rice, cement, vegetables, processed meat, palm and vegetable oil, processed turkey and chicken, soaps and cosmetics, tomato paste, among others.
“If you look at it critically, those 41 items on forex ban by the government are items with local alternatives or items that can be produced locally, if we get our strategies right. So, we at NAGAFF do not think Nigeria has to import everything to survive as a country,” Ezenga said.