Lagos chamber urges CBN to provide N200bn life-line for investors

The chamber in a statement signed by its President, Alhaji Remi Bello said the CBN should urgently provide a refinancing facility as life-line for investors in the economy which have high foreign exchange exposure.  
It recommends a minimum refinancing facility of N200 billion to be provided at single digit interest rate and a 15 year tenure. The LCCI while responding to the CBN decision on forex policy said the policy measure has its merits and its downsides.  
Following the revision of the guidelines and the exclusion of some transactions, this forex window was targeted at providing support for the real sector of the economy because of their strategic importance to the development process, job creation and inclusive growth.
The LCCI submitted that the immediate implications of the policy are that, it will result in the escalation of production cost for firms that have access to this forex window.