MAN Faults CBN New Restrictions .

MAN Faults CBN New Restrictions .

Manufacturers under the aegis of the Manufacturers Association of Nigeria Export Group have faulted a recent decision by the Central Bank of Nigeria directing deposit money banks to stop the use of foreign currencies as collateral for naira loans within 90 days.

The Manufacturers also probed the Association of Bureaux de Change Operators of Nigeria for advising the CBN to exclude non-oil exporters from accessing foreign exchange at the official market.

MANEG Chairman, Odiri Meggison Erewa, said, the recent policy direction of the apex bank would be fraught with disastrous consequences for the real sector of the economy, while, MANEG’s reaction came after the Olayemi Cardoso-led CBN issued a new circular, expressing concerns over the use of foreign currencies as collateral for naira loans.

He also said, the new directive means a borrower may no longer use dollar deposits in their domiciliary bank accounts as collateral to obtain naira loans.

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