Business CBN is Fueling Economic Crisis in Nigeria - LCCI

[LequteMan]

Nigeria - According to the Lagos Chamber of Commerce and Industry, the Central Bank of Nigeria, CBN's forex policy is fueling economic crisis in Nigeria.

The chamber expressed worry over the widening gap between Naira's exchange rates at the parallel and interbank markets, which is allegedly caused by the apex bank's forex policies.

The naira currently exchanges for N244 per dollar at the parallel or black market, while the Central Bank of Nigeria pegs it at 197 per dollar at the interbank market.



“It is an incentive for round- tripping, it will create distortions in the economy, it compromises the principle of level playing field in the economy, it will make the management of the foreign exchange market vulnerable to all manner of sharp practices and corruption,” a statement signed by its President, Mr. Remi Bello, on Sunday says.

The chamber expressed dismay at the CBN’s unwillingness to review its list of 41 items banned from accessing foreign exchange at the official rate and demanded a publication of the list of the beneficiaries of the restrictive forex allocations in the past one month.

Source: PUNCH

 

[curator]

Completely agree with the LCCI. We are getting to a point of no return and the government needs to get involved. We are saving $2bn for reserves in a month and losing $10bn in business. On top of that expect massive job losses in all sectors of the Nigerian economy

 

[LequteMan]

Completely agree with the LCCI. We are getting to a point of no return and the government needs to get involved. We are saving $2bn for reserves in a month and losing $10bn in business. On top of that expect massive job losses in all sectors of the Nigerian economy

Is it compulsory we import almost everything we use?

CBN's policy will yield great fantastic dividends only if govt creates an amazing environment for indigenous manufacturers in the country.

CBN's is making the right move in a wrong condition/situation.

 

[curator]

Is it compulsory we import almost everything we use?

CBN's policy will yield great fantastic dividends only if govt creates an amazing environment for indigenous manufacturers in the country.

CBN's is making the right move in a wrong condition/situation.

There will be no one left to create the jobs and the opportunities.

When all you have is a hammer, everything looks like a nail.

The government need to sort out the light issues first before talking about manufacturing or supporting small businesses. The importation business is the result of a lack of the right environment.