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    Federal Government declares June 6 and 9 public holidays

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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

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    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Access Bank completes the acquisition of National Bank of Kenya

    ELECTION: Cutix Plc reschedules Board Meeting

    CUTIX PLC reports N1.1 billion profit for the FY ended April 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

    Vacancy at Port Harcourt Refinery

    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

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    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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    New hope for Naira fixed income savers?

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LCCI Says the CBN’s Naira-Saving Strategies Not Working

Wednesday, 6 October 2021, 4:48 pm
in Business, Forex, Industry, Markets
0
LCCI Says the CBN’s Naira-Saving Strategies Not Working
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The Lagos Chamber of Commerce and Industry (LCCI), on Tuesday said that the strategies of the Central Bank of Nigeria (CBN) to save the Naira from further downward spiral has not actually helped the currency as it merely ‘increases pressure on the exchange rate’ by channeling FX transactions to third parties.

This was made known by the President of the Chamber, Mrs. Toki Mabogunje, in a press briefing by the Chamber entitled The State of the Economy.

In the press release made known to newsmen, Mabogunje said, “It is however noted that whenever there is a free fall of naira exchange rate at the parallel market segment, as we are currently witnessing, the CBN applies demand containment and/or price control measures as seen from the 43 items ban and quest to peg the exchange rate of the Naira.

“Tightening measures have always failed to stabilize the exchange rate in Nigeria; it only redirects FX transactions to the underground arrangement, with unintended consequences of increased pressure on the exchange rate and creating wide premium between the official and parallel market exchange rate (N162 premium gap between I&E window rate of N412 (CBN) and the parallel market rate of N574 (EIU)).”

The Chamber’s President went further to say that there exists lots of challenges in the FX market among which is liquidity. She said that many importers find it difficult to access forex for the goods they source from overseas.

She maintained that the Chamber is in support of the adoption of the Nigerian Autonomous Foreign Exchange Rate as the official exchange rate.

“The unification is expected to improve the country’s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage.

 “The development is expected to bolster the confidence of foreign investors in the economy. The move will also help the country to unlock external financing opportunities particularly from key multilateral institutions such as the World Bank and the IMF, who had for long advocated for a unified and flexible exchange rate system,” she continued.

She advised that the apex bank should intensify its interventions to bring in more benign market policies to increase liquidity.

She decried the rate of insecurity in the country saying it has adversely affected trust by investors making Nigerian business environment relatively unsafe, and this retards the growth of the country’s economy which she said is still below what it was prior to the outbreak of the pandemic in 2020.

With reference to Nigeria’s debt, Mabogunje said that “The rising cost and proportion of revenue used to service public debts, 98 per cent of revenue, according to the Presidential Economic Advisory Council based on the actual revenue generated in the first half of the year is creating fiscal distortions of significant proportions.

“The DG of the Debt Management Office stated that 43 per cent of revenue is budgeted to service debt, based on projected debt service and revenue for 2022.

“Since revenue fundamentals are currently weak, the ideal thing is to reduce the cost of borrowing, specifically, the high deficit and debt cost projected in the Mid Term Expenditure Framework (MTEF 2022-2024).”

Azuka Edokobi
Azuka Edokobi

Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur

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