CBN commended over 60% forex sales to local manufacturers

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Chief executives of top pharmaceutical manufacturing companies under the auspices of Pharmaceutical Manufacturers Group-MAN has commended the new directive of the Central Bank of Nigeria (CBN) to ensure that at least 60 per cent of foreign exchange (forex) sales are for local manufacturers.

Speaking at the group forum in Lagos, PMG-MAN chairman, Mr Okey Akpa, said that the apex bank decision to ensure that at least 60 per cent of forex sales were made to local manufacturers was acclaimed as a timely intervention to boost local manufacturing.

He added that since local pharmaceutical manufacturing was directly linked to national healthcare, a strong argument was also presented for the immediate prioritization of the pharma sector, in order to maintain national health and ensure the sanctity of human lives.

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