Commends CBN’s recent policies

By Franklin Alli

NIGERIAN Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the federal government and the Central Bank of Nigeria (CBN) to take urgent steps to brinmg down interest rate and further stabilize the exchange rate of the Naira to USDollar, saying such measures will strengthen the economy and attract foreign direct investments, FDIs.

Speaking during a courtesy visit to Vanguard where she reeled out NACCIMA’s positions on key national economic issues, the Chamber’s President, Iyalode Alaba Lawson, said government should come up with more friendly policies, interventions and measures to bring down interest rates to single digit and also make firmer commitment to the micro, small and medium enterprises (MSMEs) sector.

She said, “As at June 2017, the prime lending rate was 17.59 per cent while maximum lending rate was 30.94 per cent. This shows no improvement and NACCIMA continues to advocate that government earnestly puts in place measures to bring down the interest rates to single digit. More investment friendly policies, interventions and measures which will reduce the cost of funds are urgently required as this continues to prevent entrepreneurs from fully gaining and exploiting the potentials of their businesses and even hinder new ventures.

“With better interest rates, infrastructure and government policies, contributions from private sector of the economy will improve the country’s GDP and reduce dependence on crude oil and external borrowing.”

She, however, acknowledged that the foreign exchange market was still stable at present with Naira to Dollar exchange rate currently around N367-to- $1. She added, “The association commends the federal government and the Central Bank of Nigeria for the policies and the foreign exchange windows which led to this stability. We counsel for improved monitoring of these policies in order to strengthen the Naira.” Lawson was recently inaugurated as the 19th  President and first female President of NACCIMA.

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