• Thursday, May 02, 2024
businessday logo

BusinessDay

Senior civil servants urge CBN to make forex accessible to manufacturers

CBN defends stifling crypto market as investors count loss

The Federal Government and Central Bank of Nigeria (CBN) have been urged to introduce pragmatic measures that aid easy access of Foreign Exchange (forex) by local manufacturers.

This was contained in a communiqué issued by the National Executive Council (NEC) of the Association of Senior Civil Servants of Nigeria (ASCSN), which met in Lagos on Monday, and signed by Tommy Okon and Alade Lawal, president and secretary-general of ASCSN respectively.

Okon, who briefed journalists on the six-point communiqué, argued that accessibility of forex by manufacturers must be prioritised in view of the critical role they play not only in local production of goods, but also in job creation, especially at a time the country is facing one of its worse unemployment crises.

Speaking further, he said: “NEC in-session equally reflected on the free fall of the naira against the US Dollar and other foreign currencies and the consequent rise in the cost of living which has brought untold hardship to millions of citizens. We, therefore, urged the government to take necessary measures to improve its monetary and fiscal policies to shore up the naira and check the consistent downward slide of the currency.”

Read also: CBN distributes N820m worth of inputs to Ekiti rice farmers

The association also drew the attention of the Federal Government to an urgent need to restore the payment of gratuity to public service employees in the country. It argued that the Pension Reform Act 2004 (as amended 2014) did not abolish payment of gratuity.

The NEC, accordingly, called on President Muhammadu Buhari to, without any further delay, direct the restoration of payment of gratuity to “public service employees in the interest of justice, equity and fairness.”

On insecurity, the NEC-in-session advised the Federal Government to rejig the security architecture and reposition it to meet the aspirations of the citizens to enable them go about their daily activities without fear or hindrances. The association particularly supported the creation of state police.

The NEC also upheld some decisions earlier reached by the Central Working Committee (CWC) of the union, including the expulsion of one of its own, Bola-Audu Innocent, ratification of Tommy Okon as substantive national president and contract appointment of Alade Lawal as the secretary-general till December 2022.