Economy
THE Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has appealed to the Federal Government to extend the Naira swap by at least one month.
This is to avoid suffocating the country’s economy and financial institutions, said the President of the chamber, Mr Fatai Ayodimeji, in a statement issued in Ilorin on Tuesday.
A copy of the statement made available to the News Agency of Nigeria(NAN), said nano, micro and small enterprises, majority of whom are in the rural unbanked areas were having difficulties in changing their old to new Naira notes.
It noted that businesses were groaning under the current situation, adding that the swift policy has negative consequences on businesses and lives of citizens.
The chamber also appealed to President Muhammadu Buhari to make efforts at ensuring that the distribution and sales of fuel is brought under control to curb scarcity and control price.
“KWACCIMA observes with great concern the lingering price crisis rocking the distribution and sales of fuel in the country; the resolve of the Central Bank of Nigeria (CBN) not to extend the deadline for the return and exchange of old Naira notes to new; and the recent hike in the monetary interest rate from 16.5% to 17.5%.
“Considering the fact that the business operating environment in Nigeria is already charged as a result of some inflammatory factors such as skyrocketing foreign exchange rate, increased interest rates on bank lending, insecurity, irregular electricity supply, high price of petroleum products particularly diesel and other infrastructural deficit.
“KWACCIMA is appealing to President Muhammadu Buhari to upscale his efforts at ensuring that the situation in the distribution and sales of petrol is brought under control.
“As the nation’s leader and father, we are hopeful that he will step into this matter with a resolve to bringing this ugly development to an end,” it urged.
“KWACCIMA is also urging the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to take a second look at the deadline for the return and change of old currency to new bearing in mind the nano, micro, small enterprises, majority of whom are in the rural unbanked areas and are having difficulties in exchanging their old to new notes.
“The current efforts of the CBN on currency swap in the rural and market areas should have started long before now, extending the deadline by at least one month will calm frayed nerves and fears amongst our members in the informal, NMSME sectors.
“The recent increase in CBN monetary rate apparently to check rising inflation, has a worrisome impact on businesses as this would lead to increase in banks interest rate to borrowers.
“KWACCIMA, as the voice of Kwara business community, thus strongly appeal to the Federal Government of Nigeria, the Central Bank of Nigeria and of course other stakeholders at all levels of government to please rise to the situation and urgently find a lasting solution to the identified problems so as to facilitate ease of doing business in Nigeria,” the statement read in part.
NAN recalls that the CBN had on Jan. 28 announced the extension of the currency swap till Feb. 10. (NAN)
A.I
Tags: KWACCIMA Mr Fatai Ayodimeji President Muhammadu Buhari
