Marketers in Nigeria are facing challenges as they seek Subsidized Foreign Exchange (FX) to facilitate Imports.
The Federal Government has offered 90 Import Licenses to Marketers, but the scarcity of FX in the official Market and rising Exchange rates are causing concerns.
The situation has led to an increase in the Cost of Imported goods, including essential Commodities like Fuel, which has a direct impact on the Cost of living for Ordinary Nigerians.
The Government’s decision to allocate Import Licenses is seen as a measure to ensure the Availability of essential Goods, but it has also raised questions about the Sustainability of such an approach, given the Volatility in the FX Market.
Marketers are calling on the Government to provide Subsidized FX to support their Importation activities, as they believe it will help stabilize Prices and ease the burden on Consumers.
The scarcity of FX has been a recurring issue in Nigeria, with the Central Bank struggling to meet the Demand for Foreign Exchange.
This has resulted in a parallel Market with a higher Exchange rate, making it challenging for Businesses to access affordable FX for their Imports.
The Government’s efforts to address the FX challenges and ensure price stability will likely be closely monitored in the coming months as Nigerians continue to grapple with rising Inflation and the Impact on their purchasing Power.
