FACAN calls FG to rescue exporters from Central Bank repatriation

  

The Federation of Agricultural Commodity Associations of Nigeria ( FACAN) has asked the management of the Nigerian Export Promotion Council ( NEPC) to wade into shortage being imposed on commodities' exporters who their export proceeds are subjected to official rate having procured from the open market.

This appeal was made by the FACAN National Deputy Secretary, Mr. Musa Labaran Wamba at the recently 3 days strategic meeting organized by NEPC in Lagos towards economic acceleration of non oil export in Nigeria.

Mr. Labaran Wamba speaking to the  audience of commodities' exporters urged the Executive Director/ CEO of NEPC, Mrs. Nonye Ayeni to rescue agricultural commodities exporters from harch Central Bank of Nigeria ( CBN) monetary policy of repatriation on exporters through the Apex bank official rate having gone to parallel market to purchase dollar to pursue export.

Speaking to Foodfarmnews after the close of the meeting through a message, Mr. Wamba said that the management of NEPC has been told about how commodities exporters are losing five Hundred Naira on every dollar due to their being compelled to repatriate through CBN official rates saying the policy is very discouraging to stakeholders who are FACAN members.

He called on the NEPC management to initiate a  collaboration with FACAN towards exploitation of the underlying potential in some of the commodities with high export value for employment generations in the non oil sector of the economy.