• Forex Ban: Nigerians Should Not Be Punished For CBN’s Failure To Protect Naira
  • Forex Ban: Nigerians Should Not Be Punished For CBN’s Failure To Protect Naira


    Forex Ban: Nigerians Should Not Be Punished For CBN’s Failure To Protect Naira 


     


    A senior lecturer in the Department of Economics, University of Abuja, Dr Ahmed Adamu, has said that the timing of the policy which places a ban on giving foreign exchange for food and fertilizer imports.


    While featuring as a guest on Channels Television’s Sunrise Daily on Friday, Dr Adamu said the decision is coming at a very wrong time, when the nation’s agricultural sector is not matured enough to handle such a major drift.


    The scholar argued that there is an already existing inflation and as such this kind of decision can trigger hyperinflation, especially if the recently removed petrol subsidy is also brought into focus.


    “This is happening at a time when Nigerians are not ready to boycott foreign food items because of their addiction or their attraction to foreign food items.


    “I think its also a wrong time because we have not built the right infrastructure and we have not supplied sufficient agricultural facilities and we have not built the entire agricultural value chain.


    “These are the reasons why I say this is the wrong time to do this.


    “We are already facing insecurity, a lot of farmers have been displaced from their farms and they cannot produce much; so we are going to create a lot of scarcity in the country and now you are also discouraging cheaper importation of foreign products, so the only option most people will have is to tap into the comparative advantage from other countries,” Dr Adamu opined.

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  • 12 Sep '20 - 02:22pm
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  • Comments (19)
  • real11naira on 12 Sep '20 - 02:23pm
    thanks for the update
    4
  • vectortv on 12 Sep '20 - 02:30pm
    thanks for the update
    4
  • bensonumeh on 12 Sep '20 - 02:44pm
    tell them because they don't know what they are doing
    4
  • auta777 on 12 Sep '20 - 02:55pm
    thanks for the update
    4
  • idealic on 12 Sep '20 - 04:20pm
    thanks for update
    4
  • comradenkanu on 12 Sep '20 - 04:43pm
    CBN please don't published the innocent Masses ooh
    4
  • qieennk on 12 Sep '20 - 05:42pm
    good update,thanks for sharing
    4
  • comradenkanu on 12 Sep '20 - 04:42pm
    Thanks for the update
    3
  • sintali on 12 Sep '20 - 04:52pm
    thanks for the information
    3
  • abubakrmb on 12 Sep '20 - 05:26pm
    Great Updates so amazing...
    3
  • blazze on 12 Sep '20 - 05:43pm
    thanks for the update
    3
  • thompsonm4 on 12 Sep '20 - 06:38pm
    thanks for the update
    3
  • praisegod on 12 Sep '20 - 07:13pm
    Thanks for this information
    3
  • frankemmy on 12 Sep '20 - 10:34pm
    thanks for the information
    2
  • zinoleesky on 12 Sep '20 - 07:46pm
    thanks for the news
    1
  • bolatito on 13 Sep '20 - 08:38am
    thanks for the update
    1
  • chrisandy on 15 Sep '20 - 02:46am
    tell them to do their job and leave us alone
    0
  • rumirgo on 16 Sep '20 - 08:51am
    Thanks for the information
    0
  • aritex1996 on 25 Nov '20 - 11:26pm
    Thanks for the information
    0
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