TUC challenges CBN over claims to reduce forex to companies

The Trade Union Congress of Nigeria (TUC), has challenged the Central Bank of Nigeria (CBN), to make public the list of companies applying for foreign exchange (forex), as it plans a reduction to companies soon.

The union, which expressed dissatisfaction over the apex bank’s decision to reduce forex to companies at this particular time in the economy, asserted that it was a plan to punish functional companies, as many companies have closed shop due to inability to access forex.

President of TUC, Quadri Olaleye, and Secretary General, Musa-Lawal Ozigi, in a statement, said: “As a stakeholder, we know there is a problem somewhere which the CBN cannot deny. There are many companies that have closed shop but have become dollar agents, using their man-know-man connection to access forex, only to re-sell. These fictitious companies have to be removed from the list so the active ones can manage the little forex that is available. The list has to be released by the CBN, else we may be left with no option than to go to court.”

They urged the CBN to exercise caution in the implementation of its policies, stating that stakeholders must be adequately considered while taking critical decisions on the economy, noting that unilateral decisions are capable of crippling economic activities.

To avoid making Nigeria a laughing stock in the comity of nations, TUC urged the Federal Government to set up an economic team made up of technocrats, adding that political affiliations should not determine issues that are critical to the country’s development.