Businessman commends CBN new forex allocation method

A Kano-based businessman, Alhaji Shitu Sani-Marshal, has commended the Central Bank of Nigeria (CBN) for introducing a new method of foreign exchange allocation to customers through commercial banks in the country.

He made the commendation while speaking with newsmen in Kano on Tuesday.

Sani-Marshal described the new policy as a major catalyst to stem the endless depreciation of the naira, saying that the policy would also boost commercial activities.

“The rising spate of the dollar against the naira is making matters worse at the expense of Nigerian citizens."

“The direct allocation of the US currency to customers willing to travel for commercial purposes is a welcome development,“ he said.

He said that customers, who were accessing the dollar from the parallel market, had been groaning under the severe fangs of black marketers’ exploitation.

He expressed optimism that the new policy would check the fall of the naira which had been detrimental to the economy.

Marshal, who is also the Chairman of Kano State Concerned Youths Forum, advised the apex bank to establish a special dollar allocation unit at major airports across the country to reduce the hardship that might be encountered by air travellers.

“The special dollar allocation unit, when established, will ease the hurdles being encountered by customers willing to fly out of the country in good time,” he said.