The Federation of Agricultural Commodity Associations of Nigeria (FACAN) has called on Central Bank of Nigeria (CBN) to reverse a recent circular restraining unfettered access to foreign exchange remitted in domiciliary accounts.
The President of the association, Dr Victor Iyama, made the call during a press conference in Abuja on Wednesday.
Iyama says that the reversal of the CBN circular will lead to increased legal exports and subsequent increased revenue for the country.
According to him, the reversal of the circular will also lead to reduction in corruption, as well as provision of employment opportunities in the sector.
‘’Let exporters be allowed to use their money freely. Our interest is in the development of the sector.
“The clear intent of the Foreign Exchange (Miscellaneous Provisions ) Act is to create an open foreign exchange medium where involved parties can freely deal or transact in foreign exchange.
“We totally agree with the Central Bank’s position on repatriation of export proceeds to boost liquidity in the foreign exchange market.
“However, we equally strongly support that the unfettered access of exporters to their hard earned foreign exchange should be strengthened.
“Any exporter who refuses to comply with the 100 per cent repatriation of export proceeds into the country should be treated as an economic saboteur and sanctioned accordingly, as we are ready to enforce compliance,” Iyama said.
He describes the circular as unsustainable, unjustifiable and unfounded, saying it is in direct conflict with the provisions of the Foreign Exchange Act and Foreign Exchange manual and therefore is unlawful.
“Curtailing the ‘unfettered access’ of exporters to their lawfully repatriated proceeds would limit competitiveness and hinder their continuous growth to the sector,” Iyama said.
He says that FACAN has over the years contributed greatly to the economic growth of the country and the implementation of the circular will adversely affect businesses of members negatively.
“We humbly appeal to President Muhammadu Buhari to prevail upon the CBN to withdraw this circular in order to allow exporters contribute their quota to his administration’s economic diversification agenda,” Iyama said.
