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Headline : LCCI Urges CBN to Intensify Forex Market Reforms to Strengthen Naira and Curb Inflation

Read more from the original article on here at www.arise.tv.




Tags : #lcci #urges #cbn #intensify #forex #market #reforms #strengthen #naira #curb #inflation


No. of Paragraph 29

The President of Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has urged the Central Bank of Nigeria (CBN) to continue its Foreign exchange market’s reform with intense discipline to further strengthen the Naira and curb inflationary pressure on the economy.

Idahosa made the call on Thursday during the LCCI’s quarterly press conference where he delivered an address on the state of the economy and urged the federal government to create an atmosphere that promotes export growth and competitiveness.  

He said: “We urge the CBN to continue with its forex market reforms with intense discipline, as the high exchange rate against the Naira is a major driver of the skyrocketing inflation rates,” adding that “the Naira firmed up due to some foreign exchange policy reforms undertaken by the CBN” before the end of the first quarter.  

He added that “in the last few days, the Naira rate of exchange with the Dollar improved, breaking some resistance and moving towards the level of N1000/Dollar or lower.

Read more from the original article on here at www.arise.tv.


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