The Central Bank of Nigeria (CBN) will soon intensify restriction of foreign exchange restriction on certain items to reduce pressure from the external reserves.
The move, according to the Managing Director and Chief Executive Officer, Access Bank, Herbert Wigwe will also boost local production.
Wigwe said this in Lagos on Thursday on the outcome of the Bankers’ Committee meeting in Lagos yesterday.
“The whole idea is to ensure that funds are channeled towards the funding of agriculture, firms in the agriculture food chain as well as manufacturing,” he said.
“Very soon, sometimes in the future, the CBN will start looking at ways of reducing forex allocation to these sectors.
“As bankers, we should focus on import substitution and ensure that we discourage the importation of the basic items that can be produced locally so that over time, there will be no need to allocate resources for the importation of these items because, in the final analysis, that is the only way to boost the economy of this country.”