Friday, August 5

Forex for pilgrimage is fraud - Importers cry out

Forex for pilgrimage is fraud - Importers cry out

Importers have described the discriminating exchange rate of N197 to a dollar recently introduced by the Central Bank of Nigeria, CBN, for pilgrims as against N313 for the business community as a fraud by some persons in government to get funds out of the country.

In an exclusive shat with Vanguard, Okechuku Eze-Ifeoma, Vice President Association of Nigeria Tyre Marketers, ANTM, noted that though he is not aware of the new directive, if it is true; then there is something fundamentally wrong with those managing the nation’s economy.

According to Eze-Ifeoma whose association is involved in importation and sale of brand new tyres, “It is fraud, pure fraud.

Somebody somewhere is using it to pull out money because if they have this dollar to give out at N190-N197 why are they suffering Nigerians.

“In the name of Hajj or pilgrimage they are now giving dollar at N190-N197 and some of us that are businessmen at getting our own at N400, how can you reconcile it?

“If you go back and do your survey very well, the amount that will be pulled out at this rate that you are telling me because I am yet to confirm I am very sure it is pure fraud if it is true.

“Where are they getting the money from, so they have the money and they kept it somewhere? I do not know why they should do a thing like that because it does not make economic sense.

Also, National President of the Association of Nigeria Licensed Customs Agents, ANLCA, Olayiwola Shitzu, wondered why there should be discriminatory forex policy for religious and business purposes in favour of the former.

Shittu noted that the business community should be getting concessionary benefits instead of those embarking on religious trips that would not add anything to the economy.

According to him, “my take on this is that the discriminatory allocation should have favoured the importing public because a lot of goods are littered in the port because the people cannot pay.

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