According to the Head, Department of Banking and Finance, Nasarawa State University, Dr. Uche Uwaleke, the restrictions were required in order to boost domestic production and conserve scarce foreign exchange in the country.
Speaking in Sokoto, yesterday, at the 23rd edition of the seminar for Finance Correspondent and Business Editors, organized by the Central Bank of Nigeria (CBN), Uwaleke stressed that the current demand side management involving forex access restrictions on items which can be produced locally, introduced by the Apex Bank should be sustained.
The University lecturer, whose paper was entitled: “Enhancing Domestic Production as a Panacea For Growth and Foreign Exchange Conservation”, urged the CBN to identify specific imported goods which can be produced locally and provide incentives for small and medium scale enterprises to increase the production of such goods.
He stated that the CBN should pay more attention to agriculture in its intervention programmes since its remained the largest employer of labour in Nigeria, adding that a significant percentage of the current demand for forex goes directly to importing agricultural produce.
from Nigeria Newspaper- Nigeria News| Naija News http://ift.tt/2mJaX8Q
via IFTTT
