CBN’s Adjustment Of Naira May Lead To Higher Costs For Imported Goods – NECA

July 5, 2020

The director-general of Nigeria
Employers Consultative Association (NECA), Dr Timothy Olawale, has picked
holes in the adjustment of the
Naira by the Central Bank of
Nigeria (CBN).

The NECA boss, in a statement, based his argument on the current situation around the country, emphasising that
the adjustment at a time like
this, will be counter-productive
as the nation depends hugely on
importation of raw materials,
equipment and fuel, most especially.

The CBN announced the adjustment of the naira against the dollar from N360 to N380 in furtherance of its efforts to
strengthen the local currency.

Speaking on this development, Olawale stated that “though the announcement is a welcome development, the timing,
however, left much to be desired.”

He noted that, “One of the challenges we observed in the management of the economy by the fiscal and monetary policy makers has been misalignment
and improper timing of the policies.

It is believed that the apex bank’s step follows on the heels of the approval of the $3.4 billion loan via the Rapid Financial Instrument by the International Monetary Fund (IMF), which highlighted the need for the
unification of the exchange rate
among other measures.

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