CBN rebuffs IMF’s comment on Forex Restrictions Not Impeding FDIs

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The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, on Sunday disagreed with the International Monetary Fund (IMF) that foreign exchange restrictions place on some items in the official forex market was impeding the flow of foreign direct investments (FDIs) in the country.

Emefiele, said this while briefing journalists at the IMF/World Bank Annual Meetings in Washington DC.

According to him, the IMF position that restriction of forex on items that could be produced locally, was affecting FDIs “is false.”

“If you are a foreign direct investor, that is interested in doing business in Nigeria, I will say instead of you facilitating the import of these items into Nigeria, we want you to come and produce it in Nigeria.

“Nigeria is a market of over 200 million people, so bring your investment plans and equipment, come and produce those items in Nigeria, you will make your profit and take your dividend out of the country. So, I disagree with the IMF position.”

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