EXPERTS from the nation’s integrated marketing communications space have said that, besides forcing consumers in Nigeria to pay higher for goods purchased, the new foreign exchange policy of the Central Bank of Nigeria (CBN), prohibiting the sale of foreign exchange to the nation’s Bureau De Change operators, might also have telling effects on the advertising industry.
In different chats with Brands & Marketing, some of the practitioners described the policy as not well thought-out, since its disadvantages far outweigh whatever benefits the apex bank seeks to achieve.
The Group Chief Executive of Noah’s Ark Group, Mr. Lanre Adisa, argued that the policy would, without doubt, affect many business operators in the country, especially those that rely on foreign exchange to procure raw materials for their production.
This, he added, would invariably take its toll on the nation’s advertising industry, since the clients’ wellbeing and those of agencies in the sector are closely tied.
The Noah’s Ark’s boss, however, advised practitioners to brace up for the challenges that this policy and many others might throw up, by looking for fresh opportunities at this period.
Another marketing practitioner and finance expert, Mr. Biyi Adesuyi, argued that the new policy would force the nation’s consumers to continue to pay higher price for goods; since most of the commodities consumed in this part of the globe are imported.
He also warned that the policy might make some of the nation’s small scale enterprises go under; since they might not have the necessary clout to attract banks’ attention, when it comes to getting forex for their operations.
“Banks will favour the big enterprises in the sale of Forex to the disadvantage of smaller businesses, and this will stifle the growth of small scale industrialists and importers,” he added.
The Wealthgate Advisor’s boss, however, counseled the federal government on the need to promote entrepreneurship with export orientation.
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