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Industrialist appeals to CBN to unify FOREX rate

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  The CEO of Erisco Foods Ltd Chief Eric Umeofia has called on the Central Bank of Nigeria CBN to unify the country s exchange rate to aid economic stability and recovery Umeofia made the appeal during the company s distributor rewards and product launch event on Tuesday in Lagos He noted that multiple exchange rates had caused economic disruption illiquidity and round trip travel that had affected the operations of many companies in the country If the country wants to get rid of unstable exchange rates we need to eliminate the different exchange rates the parallel market is around N770 while the official rate is around N440 The reality is that many companies obtain their currencies from the parallel market since access to currencies from the official market is difficult Since I came to the country 10 years ago the value of my investment has dropped by cents to dollars Last Monday I lost N74 million due to exchange rate differentials I traded naira to a dollar in N900 for a good I wanted to buy the next day it collapsed to around N800 I lost N74 for every dollar he said Umeofia noted that the main bank must develop a clear strategy and timetable for how it intends to achieve full unification of the country s multiple exchange rates According to him this will enhance the strength of the naira boost liquidity promote domestic and foreign investment and stimulate economic growth He pointed out that many companies were closing due to wrong actions and inefficiencies of the Ministries Departments and Agencies MDA Umeofia stressed that if the Nigerian Customs Service NAFDAC and CBN implement their functions judiciously the Nigerian economy will improve within six months He added that to get out of the current economic uncertainty the public must stop sponsoring imported products Umeofia pointed out that the patronage of imported goods to the detriment of locally produced goods was economic sabotage Furthermore Mr Nnamdi Umeofia Managing Director of Erisco Foods called on the Lagos State Government to ensure a conducive business environment saying that the activities of some of his staff were detrimental to business growth Umeofia noted that business operations in the state were frustrating due to constant harassment from the state government under the guise of earning internally generated revenue In addition Umeofia said that to improve nutrition and encourage Nigerians to eat healthy food the company introduced seven new wellness products The Nigerian News Agency reports that Erisco Foods has also awarded ACP Danjel Amah one million Naira and products worth N120 000 per year for two years for his exemplary and professional conduct in refusing a 200 billion bribe Umeofia recalled that his attitude led to the arrest of the alleged armed robbery syndicate in Kano state while appealing to others to emulate Amah s professionalism and integrity It also awarded to Mr Abraham Airaodion a Nigerian taxi driver in Sharjah United Arab Emirates who returned 100 000 dirhams some 12 million naira which he forgot in his taxi Some of the company s distributors were also awarded for their excellent performance and contributions to the growth of the company edited Source Credit NAN
Industrialist appeals to CBN to unify FOREX rate

Erisco Foods Ltd

The CEO of Erisco Foods Ltd., Chief Eric Umeofia, has called on the Central Bank of Nigeria (CBN) to unify the country’s exchange rate to aid economic stability and recovery.

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Umeofia made the appeal during the company’s distributor rewards and product launch event on Tuesday in Lagos.

nigerian dailies today newspapers

He noted that multiple exchange rates had caused economic disruption, illiquidity, and round-trip travel that had affected the operations of many companies in the country.

nigerian dailies today newspapers

“If the country wants to get rid of unstable exchange rates, we need to eliminate the different exchange rates, the parallel market is around N770 while the official rate is around N440.

“The reality is that many companies obtain their currencies from the parallel market, since access to currencies from the official market is difficult.

“Since I came to the country 10 years ago, the value of my investment has dropped by cents to dollars.

Last Monday

“Last Monday, I lost N74 million due to exchange rate differentials. I traded naira to a dollar in N900 for a good I wanted to buy, the next day, it collapsed to around N800, I lost N74 for every dollar,” he said.

Umeofia noted that the main bank must develop a clear strategy and timetable for how it intends to achieve full unification of the country’s multiple exchange rates.

According to him, this will enhance the strength of the naira, boost liquidity, promote domestic and foreign investment, and stimulate economic growth.

Departments and Agencies

He pointed out that many companies were closing due to wrong actions and inefficiencies of the Ministries, Departments and Agencies (MDA).

Customs Service

Umeofia stressed that if the Nigerian Customs Service, NAFDAC and CBN implement their functions judiciously, the Nigerian economy will improve within six months.

He added that to get out of the current economic uncertainty, the public must stop sponsoring imported products.

Umeofia pointed out that the patronage of imported goods to the detriment of locally produced goods was economic sabotage.

Nnamdi Umeofia

Furthermore, Mr. Nnamdi Umeofia, Managing Director of Erisco Foods, called on the Lagos State Government to ensure a conducive business environment, saying that the activities of some of his staff were detrimental to business growth.

Umeofia noted that business operations in the state were frustrating due to constant harassment from the state government under the guise of earning internally generated revenue.

In addition, Umeofia said that to improve nutrition and encourage Nigerians to eat healthy food, the company introduced seven new wellness products.

Nigerian News Agency

The Nigerian News Agency reports that Erisco Foods has also awarded ACP Danjel Amah one million Naira and products worth N120,000 per year for two years, for his exemplary and professional conduct in refusing a $200 billion bribe .

Umeofia recalled that his attitude led to the arrest of the alleged armed robbery syndicate in Kano state, while appealing to others to emulate Amah’s professionalism and integrity.

Abraham Airaodion

It also awarded to Mr. Abraham Airaodion, a Nigerian taxi driver in Sharjah, United Arab Emirates, who returned 100,000 dirhams, some 12 million naira, which he forgot in his taxi.

Some of the company’s distributors were also awarded for their excellent performance and contributions to the growth of the company.

edited

Source Credit

Source Credit: NAN

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