Business
THE Lagos Chamber of Commerce and Industry (LCCI) has emphasised the importance of maintaining discipline in the foreign exchange market to sustain the steady appreciation of the Naira.
The President and Chairman of the Council of LCCI, Mr Gabriel Idahosa, made the call in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Idahosa praised the efforts of the Central Bank of Nigeria in imposing discipline, attributing the recent Naira appreciation to curbing speculative activities.
“On the monetary side, the CBN is doing it. The primary efforts should continue to impose discipline in the foreign currency market.
“The abuses in the foreign currency market were prevalent and most of the fall in the value of the Naira in the last six months is not because there was any sudden calamity in Nigerian economy.
“It was primarily because of very reckless speculations, that people were just speculating in the dollar, they had nothing to export, nothing to import, they were just buying the dollar for speculative reasons.
“And once the Central Bank started to impose discipline in the foreign currency market, we saw the value of the Naira rising very quickly by stopping speculation,” he said.
According to him, the strategies of the Central Bank, now, is designed to achieve a sustained discipline in the foreign currency market.
Idahosa highlighted the need to continue reducing the number of Bureau de Change operators, stressing that many operated without contributing to international trade.
He applauded the Central Bank’s move to enforce documentation and identification of buyers and sellers at BDCs, aiming to deter reckless speculation and curb illicit financial flows.
On the fiscal side, Idahosa urged President Bola Tinubu to prioritise a nationwide export drive, citing it as the key to bolstering the Naira and providing essential foreign exchange.
He emphasised the importance of fostering a culture of export among Nigerians across all scales of enterprise to reduce reliance on imports and strengthen the country’s economic resilience. (NAN)
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-April 17, 2024 @ 17:08 GMT|
Tags: Lagos Chamber of Commerce and Industry LCCI Mr Gabriel Idahosa President Bola Tinubu
