NACCIMA faults CBN’s forex policy

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has faulted the policies of the Central Bank of Nigeria (CBN) the apex bank said were designed to stimulate the economy and salvage the naira.
Its President, Dr Bassey E. O. Edem, who spoke with reporters during a press briefing on the state of the economy in Lagos, lamented that inflation rate has continued to increase steadily and peaked at 9.55 per cent last month as against 8.0 per cent for the same period last year.
He said if the increase in the electricity tariff is the elixir needed to attract investment, it should be.
He however said electricity distribution firms should stop estimated billing because it is exploitative.
He said, “The exchange rate, hovered between N197 – N199 to the dollar as at February 4 this year as against N165-N170 obtained in the same period of 2015 in the official market. In the parallel market, it hovered between N300 – N330 to the dollar within the same period as against N180 – N190 in the corresponding period of last year.

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