NECA urges FG to sustain efforts on improving Naira exchange rate

Mon, Dec 9, 2024

2 MIN READ

Economy

THE Nigeria Employers Consultative Association (NECA) has urged the Federal Government to sustain efforts on the improvement of Naira exchange rate.

Mr Adewale-Smatt Oyerinde, Director-General of NECA, said this in a statemen on Sunday in Abuja.

Oyerinde was reacting to the recent appreciation in the Naira exchange rate, particularly in the last one week, standing at N1533 to the dollar on Friday.

He said that this indicated an appreciation of over eight per cent, which is a welcome development.

According to him, it is particularly welcomed by the private sector that is facing acute forex challenge for importation of raw-materials and machines that are not produced in the country.

“While we recognised and appreciate the recent improvements, it is, however, difficult to definitively pin-point the reasons for the improvement.

“It could be due to the recent 2.2 billion dollars Eurobond secured by the Federal Government or the upsurge in diaspora remittances as a result of the festive season.

“However, to sustain and improve the appreciation in the Naira value, which is what the private sector desires, we urge the Federal Government to strengthen existing measures.

“That is to upscale crude oil production for export, and entrench a better monetary and exchange rate management through judicious and productive allocation of available forex,”he said.

Oyerinde also urged the Federal Government to promote non-oil export and further encourage domestic refining of crude oil by private individuals.(NAN)

9th December, 2024.C.E