FG Forex Restrictions Killing Businesses - NNN READER'S OPINION

This is from my own perspective and personal experience, and might not apply to others. When Buhari's govt introdued Forex restrictions, i laughed within me. ...

The laughter was not directed at the govt but to those corrupt govt officials in the past administrations who stole monies meant for the country, converted them to foreign currencies and had nowhere to deposit them since banks were no longer accepting FX deposits. 

Later we heard the restrictions were put in place to discourage importers of certain commodities into nigeria. Commodities which we can produce locally or are already producing locally. 

This was a good initiative. This policy if well implemented would have been the catalyst to the rapid industrialization of nigeria. Imagine a nation like nigeria imports toothpicks, tomatoes and palm oil. Its even more aggravating that Shoprite is allowed to import bananas from South Africa.

However, some months into this policy. I am not satisfied with the implementation of the policy. The implementation seems very authoritarian and does not make room for some groups of people. They include:
1. Importers who import items not on the list of banned commodities
2. Exporters who repatriate proceeds of exports
3. Bureau de chage operators

The policy simply stiffles the flow of FX in the banking system without providing alternatives for those not being targeted by the policy.

I fall under category number two. Since banks are no longer allowed to accept dollar deposits, banks no longer have FX currencies to give customers. The country is not getting much money now since oil prices are low. 

Therefore, CBN has limited FX to give banks. I export and i receive my proceeds by wire transfers to my domiciliary account in our nigerian banks. For business to run smoothly, we need to pull the money out to put back into the business. 

However, for some weeks now, business has halted due to the lack of dollar in the bank. They have also restricted transfers to other accounts within the bank. So basically i cannot trade the dollar for naira with another person. 

The policy was good. It would have encouraged local manufacturing and boosted employment. However, it was not properly thought through and is currently implemented very poorly. Importers cannot import, while exporters cannot get their proceeds. It is stifling the economy and making nigeria less favourable for foreign investment. 

It almost appears the govt is waging a war against all local businesses. Everybody is complaining. There is nobody govt's economic policies is favouring right now.  If govt cannot provide banks with FX, then they should allow banks accept dollar deposits. 

I hope the govt does something about this soon.