NECA faults CBN over exchange rate adjustment 

CBN blocks bank accounts of rice, textile smugglers
Godwin Emefiele


The Director-General, Nigeria Employers Consultative Association (NECA), Timothy Olawale, has faulted the adjustment of the naira by the Central Bank of Nigeria (CBN).

The NECA boss in a statement said adjusting the local currency at this time will be counter-productive as the nation depends heavily on the importation of raw materials, equipment and fuel, among other items.

Last week, CBN announced the adjustment of the naira against the dollar from N360 to N380.

Speaking on this development, Olawale said, “Though the announcement is a welcome development, the timing, however, left much to be desired. One of the challenges we observed in the management of the economy by the fiscal and monetary policy makers has been misalignment and improper timing of the policies.”