CBN Urges To Sustain Ban On 40 Items To Promote Local Production, Generate Jobs

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An Economist, Mr Rasheed Yusuf, has urged CBN to sustain its ban on 40 items from accessing foreign exchange at the official window to promote their local production and generate more jobs.

Yusuf, Chief Executive Officer, Trust Yield Securities, said this in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

Besides, he said that the bank should extend its intervention into more agricultural produce such as wheat and others to attain food sufficiency in years to come.

“The continuous intervention will enable the agric sector contribute more to the GDP and create job opportunities for the youth,” he said.

NAN reports that the items banned by the CBN in 2015 includes rice, cement, meat, vegetables and processed vegetable products, poultry chicken, eggs, turkey and tinned fish in sauce (Geisha)/sardines.

Others are clothes, plastic and rubber products, polypropylene granules, cellophane wrappers, textiles, soap and cosmetics, tomatoes/tomato pastes, toothpick, among others.

The economist advised the apex bank to ensure that the issue of high lending rate was addressed to spur growth.

He said that many investors could not expand their businesses because of the high lending rate by commercial banks.

He added that the Investors and Exporters (IE) foreign exchange window should be maintained because the decision had reduced the pressure on the nation’s currency.

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