• Tuesday, June 25, 2024
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BusinessDay

FX Policy : FG urged to act fast as raw materials are unreachable

FX-markets

The Chief Executive Officer of Treasure Bakrey, Femi Akode has called on the Federal Government to act fast and effect the foreign exchange flexible policy that has been so much talked about .

He made this request in Lokoja while interacting with BusinessDay. He said investors are anxiously and eagerly waiting to see that it is effected.

The Treasure bakery boss disclosed that that price of raw materials are now on the increase, stressing that the prices of raw materials have actually been doubled. ‘The prices of raw materials  are on the increase. In fact they have actually doubled and  are telling seriously on our patronage. It is going down as a result of a very high cost of raw materials, as the dollar is going higher it is affecting us’.

‘We want the Federal Government to do something very fast on the high cost of dollar because it has actually made everything to go very high up there. So if the government can do something very fast to bring down the value of dollar down it will be fine’, he said

He also said they have been talking about this flexible foreign exchange policy which he said they yet to see it effected , maintaining  that when the  policy is introduced and properly implemented it would  bring down the value of dollar.

The Treasures boss also emphasized that the high cost of raw material for bread is telling on the end users and consumers, adding that current competition happening in the state as regards   bread is a welcome development in the industry.

However, he said it will just keep everybody in the business on their toes and make them to give their best at all time.

Victoria Nnakiaike