Stock-fish dealers seek access to Foreign Exchange ( FOREX)

The Stock-fish Dealers Association on
Thursday urged the Federal Government
to grant importers of Stock-fish, access to
the Foreign Exchange (FOREX).

The group made the call in an interview with the News Agency of Nigeria (NAN) on the sidelines of a two-day Seafood Seminar in Lagos.

Chairman of the association, Mr Gregory
llobinso, said access to FOREX ensures ease in conducting their businesses. ‘Stock-fish is one of 43 products that cannot access foreign exchange.

“If importers want to bring in Stock-fish,
then we have to have an approved ‘Form
M from the Central Bank of Nigeria (CBN)
with evidence of U.S. dollars to finance
the import.

“It takes from six months to one year to get a Form M approved, and because of this, we cannot stock up the product. “That is why we are appealing to the Federal Government to allow us access to FOREX to enable us import Stock-fish.

“Getting FOREX for our businesses has
been a big challenge. “We understand Federal Government’s stance that the oil market is volatile, FOREX is not in steady supply but the cost of accessing dollars for Stock-fish is not so much compared to other
commodities” llobinso said.

The wholesalers, retailers, truck drivers,
mechanics and loaders will lose their jobs
if we cannot import Stock-fish. If we are allowed to access FOREX, it will be an added benefit to the government in terms of increased revenue.

“But if these goods find alternative ways of getting into the country, the government will likely lose revenue from its importation”, he said.