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Forex ban on 41 items irreversible – CBN

The Central Bank has said it would not reverse the ban of foreign exchange sale to importers of 41 items, which the country has the capacity to produce locally.

Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor said this in reaction to the OccupyCBN protesters who demanded that the naira should be allowed to float.

Okoroafor said such action would be against the interest of Nigerians.

He said the apex bank will continue to introduce policies that will ensure diversification of the economy.

He said the argument of the group was being sponsored by unpatriotic individuals.

He said, “How much of foreign exchange have they brought into the country since June 2016 when the naira was allowed to float to its current range? Rather than joining the CBN and other agencies of government to take the country out of the current situation, they are busy sponsoring gullible groups to protest.

“Allowing the naira to float will severely hurt the welfare of ordinary Nigerians and abolishing the list of 41 items will mean destroying the livelihood of millions of Nigerian farmers and genuine manufacturers who have made huge investments in the cultivation and local manufacturing of these imported items.”

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