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By Bimbola Oyesola
Members of the Organised Private Sector (OPS) have lauded the recent improvements in the naira exchange rate, calling on the federal government to implement measures that will ensure its continued stability and long-term sustainability.
The Nigeria Employers Consultative Association (NECA), which represents businesses nationwide, welcomed the naira’s recent performance, noting that it stood at N1,533.76 to the dollar as of Friday, December 6, 2024, reflecting an impressive appreciation of over 8%.
The Director General of NECA, Adewale Oyerinde said, “It is particularly welcomed by the private sector that is facing acute forex challenges for importation of raw-materials and machines that are not produced in the country presently.”
The body stated that while it recognised and appreciated the recent improvements, it is, however, difficult to definitively pin-point 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.
Maintaining that this might not be enough to uphold Naira, it advised to sustain and improve the appreciation in the naira value, which is what the private sector desires.
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“We urged the federal government to strengthen existing measures to upscale crude oil production for export.”
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.
