The Transborder Traders Association outpours their grievances regarding the forex exchange repatriation policy mandated by the Central Bank of Nigeria on traders. According to the president of the association, Nasiru Salami, stated clearly that the earnings of the forex traders seem to hinder intra-African trade.
He further stated, “ The Nigerian government has mandated every trader to repatriate their export proceeds.” Citing a relevant example, Salami mentioned that If traders export goods outside Nigeria to incoming buyers, the moment gold is exported,
it then becomes a necessity to repatriate the money, making it difficult for low-class traders who come to buy gold to initiate foreign exchange to be able to repatriate. This is one of the various challenges small and medium enterprises are facing.
Also, Salami gave a clear view of other challenges, including how to repatriate export proceeds. He said, “You know the government has said that when you export gold, for instance, you have to repatriate the foreign exchange and all that. You have to transfer foreign exchange to Nigeria, and the policy is among African countries,”
He explained that people who come to buy and sell need help to proceed to the bank to make transfers. He gave instances of someone who buys a small quantity of what to sell and then is faced with asking people how to send the money back in dollars. These are the challenges cross-border traders face.
Salami pleaded with the Nigerian government to be lenient, stating that Nigeria is the only country with the forex exchange policy among the 14 Economic Community of West African States countries.
He urges the government to wait and see the impact of the reduction in the dollar against the naira at the end of the month.
He noted that despite the ban on imported poultry products, 70 percent of imported livestock into Nigeria comes from Niger Republic.
He said that trade that happens between Nigeria and other African countries is mostly done on a trade-by-barter basis.
