President, Sapele Chamber of Commerce Industry Mines and Agriculture, Prince David Iweta, has predicted that Naira would exchange in region of N400 to the dollar by end of 2016 if Central Bank of Nigeria (CBN) did not discontinue its current policy on foreign exchange earnings.
Speaking with newsmen in Lagos, Iweta said the association is compelled to draw the attention of Mr. President to the economic danger that lay ahead of the country.
Iweta who is additionally the President, Cement Producers Association of Nigeria (CPAN), said the ascent in dollar against naira would happen if the CBN falls flat or delays a day longer to stop its present arrangement on remote trade income as it relates especially to non-oil send out continues where the CBN approach forces exporters to offer fare continues to CBN at authority swapping scale of N197.00 to the dollar as opposed to permitting such exporter to offering such continues at open business sector rate.
“While we hailed the choice of the CBN arrangement by making it compulsory to repatriate all fares continues back to the Country most extreme 180 days from fare, however the choice of necessarily constraining exporters offering the returns at authority conversion scale is one solitary reason that the naira is trading at N280.00 to $1.00 as at today.
“This activity and choice of CBN of not permitting non-oil exporter to utilize their procure forex 100 for every penny to settle their own import charges or offering to the most elevated bidder of such secretly earned continues at this basic time of intense lack of outside trade has contrarily influenced fares of Nigerian things. We see this activity as, unprogressive, provocative, not urging and dangerous to organizations of fare as it doesn’t bolster trade development generally as it doesn’t bode well when our outside store position can just backings three to four months imports.