Nigeria Employers’ Consultative Association (NECA), the umbrella body for Organized Private Sector and the Voice of Business in Nigeria, has expressed concern about the state of the Nigerian economy. The Association calls for urgent...
CBN’s Adjustments of Naira from N360 to N380 at SMIS: – UNIFYING THE EXCHANGE RATE: GOOD BUT BAD TIMING
We are aware of the positive impact of unifying the exchange rate, as we are in full support of shunning multiple currency practices, this we believe, have not demonstrated the true reflection of the naira in the market. Nevertheless, we are weary of the implication of the sudden unification of the exchange rate to the economy at this time, which we believe will be counterproductive, as a nation like ours that depend hugely on importation of raw materials, equipment, fuels (most especially).