…Urges sustainability
By Bimbola Oyesola
The Nigeria Employers Consultative Association (NECA) has described the recent appreciation in the naira exchange rate as a welcome development.
The employers’ body noted that the naira standing at N1533.76/US$ since Friday, December 6, 2024, indicating an appreciation of over 8%, would boost business operations in the country.
Director-general of NECA, Adewale Oyerinde, said, “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 presently.”
While stating that it recognised and appreciate the recent improvements, it, however, said it was difficult to pinpoint the reasons for the improvement except the recent $2.2 billion Eurobond loan secured by the Federal Government or the upsurge in diaspora remittances as a result of the festive season.
It warned that this might not be enough to uphold Naira and advised on measures to sustain and improve the appreciation in the Naira value, stating that it is what the private sector desires.
“We urged the Federal Government to strengthen existing measures to upscale crude oil production for export,” he said.
The OPS also demanded the entrenchment of a better monetary and exchange rate management through judicious and productive allocation of available forex.
Oyerinde added that there must be a deliberate promotion of non-oil export and further encourage domestic refining of crude oil by private individuals.
On the local refineries, the NECA boss said all hands must be on deck to ensure that the Port Harcourt refinery works to end importation of refined fuels.
“We also want improvement in Government patronage on made in Nigeria goods and services to lower Dollar movement outside the country,” he charged.