Dollar Sells At N778/$1 In CBN-backed Official Window, Stabilises In Black Market

Labour Laments Naira Fall, Seeks Special Forex Allocation To Manufacturers

1 min read

The organised labour has asked the Federal Government for a special arrangement to make foreign exchange (forex) available to genuine manufacturers only, to enable them increase local production and stimulate the economy.

President of the Association of Senior Civil Servants of Nigeria (ASCSN) Dr. Tommy Etim Okon, made the call while addressing guests and members of its National Executive Council (NEC) in Lagos.

According to him, the current exchange rate is having adverse effects on the economy.

Okon said, “The cost of essential items such as drugs, raw materials for industries, food items, spare parts, automobiles, etc, have continued to trigger inflation leading to the lowering of purchasing powers of millions of Nigerians.

“The free fall of the Naira against the Dollar and the consequent rise in the cost of living has been a major concern for the citizens and Government must, therefore, take necessary measures to improve its fiscal policies to shore up the naira and check the consistent downward slide of the currency.

READ ALSO  Naira Drops By 11.39% To Hit N927/$1 In NAFEM, N1165/$1 In Parallel Market

“Reports also indicate that the Central Bank of Nigeria (CBN) unwittingly weakened the Naira in May 2021 when it adopted what it called Nigerian Autonomous Foreign Exchange Rate (NAFEX) of N410.25 to a dollar and removed the N379 per dollar rate that for months remained on its website.

“Since then, the Naira has continued its free fall against the dollar and experts warn that if this trend is allowed to subsist, the country’s economic fortunes may face further decline. It is against this background I call on the Government to ensure that forex is made available to genuine manufacturers only to enable them to increase local production of goods to stimulate businesses.”

READ ALSO  How BUA Chairman, Rabiu Removed Self From APC’s Decision-making Processes

Okon said the current exchange rate had certainly been having adverse effects on the economy as the cost of essential items has continued to trigger inflation leading to the lowering of purchasing powers of millions of Nigerians.

“The government needs to act fast to revamp the economy,” he said.

Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

READ ALSO  Why Tinubu Doesn’t Need Your Pity Over Nigeria’s Condition - FG
+ posts