There were indications on Sunday night that those importers and smugglers of rice and textile materials into the country have started making moves to besiege the Nigerian Senate this week as part of plans to scuttle the confirmation of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), for a second and final five-year term.
While rice had always been on the list of 41 items banned by the CBN from accessing the official foreign exchange window, since the days of his predecessor, Lamido Sanusi, which he came under pressure to reverse, Emefiele had made matters worse by adding textile materials in March.
Announcing the addition, warned FX dealers in the country “to desist from granting any importer of textile material access to FX in the Nigerian Foreign exchange market,” argued that the value chain when revived has huge potential for job creation.
The move, he told stakeholders, would see Nigeria saving over $4bn spent “annually on imported textiles and ready-made clothing.
“In addition, when we consider the amount spent on outfits for religious and social events such as weddings, naming and funeral ceremonies on a weekly basis, the potential market size is well over $10bn annually,” he added.
The recent announcement of the renewal of Emefiele’s tenure by President Muhammadu Buhari through a letter read by Senate President, Dr. Bukola Saraki, may have come as a shock to most importers, particularly those involved in the importation of items tagged ‘not eligible for foreign exchange via the official window,’ following which they resorted to taking the fight to the doorsteps of the National Assembly, where they hope to fight against his confirmation.
Investdata learned that most rice and textile businesses in particular, who have been having sleepless nights over the decision by Emefiele not to yield ground, are now mobilizing through various means to discredit him.
The anti-Emefiele army may also have resorted to either to use the courts to scuttle the confirmation process or could even sponsor protests, concoct spurious messages while hacking into official conversations just to achieve their aim.
Emefiele has however remained unwavering, vowing to fight smugglers with the powers enshrined in CBN Act 2007 and BOFIA to regulate the financial system and the economy at large toward higher productivity, generate employment, create wealth and enhance self reliance in the nearest future.
Speaking recently in katsina during the launch of input distribution to cotton farmers for the 2019 farming season, in his passion for economic rejuvenation, Emefiele restated his earlier warning that saboteurs would blacklisted from assessing financial services from banks operating in the country.