A former Chairman, Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr Wale Adegbite has said the introduction of unified exchange rates would eradicate corruption in the allocation of forex in the country.
Adegbite made this known while speaking with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun.
NAN recalls that President Bola Tinubu had on May 29, in his inauguration speech, said that he would eliminate Multiple Exchange Rates and replace it with a Unified Exchange Rate.
According to Adegbite, there will be no more corruption and sharp practices in the allocation of forex by apex bank at the retail window.
“It is a great news for the nation, as there would be more revenue for the government,” he said.
The ex-MAN chairman also noted that the introduction of unified exchange rate would allow manufacturers to have easier access for dollars for our importation of raw materials.
Adegbite however appealed to the apex bank to further make concerted efforts to make more forex available for manufacturers as demand for dollars significantly outweighed the supply.
He also said that the pressure for dollars would drastically reduce gradually in the long run.
