window, a move that would put more pressure on the Naira, and discourage local manufacturing of the items.
The aim of imposing the foreign exchange restriction on the items was to encourage local production, sustain the stability of the naira and ensure the efficient utilisation of forex. The CBN further said it was committed to accelerating efforts to clear the FX backlog with existing participants and would continue dialogue with stakeholders to address the issue.
Between 2015 and half year 2017, the restriction on certain items led to a 65 per cent drop in the country’s monthly import bill, from an average of $5.5 billion to $1.9 billion. According to official documents, rice import to Nigeria fell by 99 percent to about 784 metric tonnes since the implementation of the figure.
The Nigerian manufacturing sector suffered a 4.1 per cent decline in capacity utilisation in the second half of 2022, according to the H2 2022 bi-annual economic review of the Manufacturers Association of Nigeria . Inflows into the Investors’ and Exporters’ window, which is also known as the Nigeria Autonomous Foreign Exchange , soared to $407.66 million as against $29.06 million recorded on Wednesday, more than 1,300 per cent increase over the previous inflow.
“The exclusion was also in conflict with extant trade policy as the items were not under import prohibition in the first place. It was an example of lack of policy coordination under the previous administration.”
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