Friday, December 8, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Contact
  • Login
No Result
View All Result
TechBooky Africa
Home Fintech/Finance

CBN’s Strategy To Save The Naira Only Worsen Situations – LCCI President

Raymond Egbadu by Raymond Egbadu
October 6, 2021
in Fintech/Finance, Government
0

According to the President of Lagos Chamber of Commerce and Industry, the strategic policies of the Central Bank of Nigeria in a bid to save the Naira are only worsening situations. According to her, the Central Bank of Nigeria is successfully driving Forex transactions to third parties, putting more pressure on the exchange rate.

Related posts

Web3Ladies

The Impact of Yellow Card’s Grant on Nigerian Women and the Blockchain Industry.

October 17, 2023
Dash Ghana

The Rise and Fall of Ghanaian FinTech Dash

October 9, 2023

The President — Mrs. Toki Mabogunje — made this statement at the Chamber’s “The State of the Economy” address” yesterday.

“The Central Bank of Nigeria — whenever there is a decline in the Naira exchange rate — often tend to implement new policies to peg the exchange rate of our currency,” she said.

“Imposing strict policies or guidelines have always been unsuccessful in stabilising the exchange rate of the Naira. These policies only drive Forex transactions to third parties, which have consequential effects and puts more pressure on the exchange rate system. This also creates a wide financial gap between the official and parallel market exchange rates,” the President added.

Mabogunje said that the Forex market is still battling liquidity issues and a lot of investors could not afford foreign exchange for raw materials importation, equipment and import materials for production and processing.

She said the Lagos Chamber of Commerce and Industry is open to the acceptance of the Nigerian Autonomous Foreign Exchange Rate as the country’s official exchange rate system.

“The unification will most likely enhance the nation’s currency management system, providing that the current utilization of a multiple exchange rate system has been causing heavy doubts and sources of arbitrage,” she said.

“Adopting a unified foreign exchange system will help increase the confidence of foreign investors in our economy. The unification will also enable Nigeria to unleash other financial opportunities especially from important financial organisations like the World Bank and the International Monetary Fund (IMF). These two bodies have been long-time advocates of a unified and flexible exchange rate system globally,” she added.

The President also said Nigeria’s Apex Bank must increase its intervention endeavours and implement more flexible guidelines to enhance market liquidity.

Mrs. Mabogunje also expressed concerns about insecurity in the country and believes it could have a drastic impact on the 2021 fiscal deficit, considering low-income mobilisation. According to the LCCI boss, the nation’s troubles with insecurity have put its economy in a bad position, making it difficult to attract both private and foreign investors.

She said that although the country’s economy improved by 2.7 percent in the second quarter of the year, its actual outputs are still below the figures recorded before the outbreak of the Covid-19 pandemic.

She further stated that the Federal Government should pay more attention to non-interest asset-linked securities rather than debt, as that would improve long-term revenue growth in the country. She urged the Federal Government to allow the private sector to play significant roles in terms of infrastructure project investments that will attract commercial interest to generate revenue for repayment of funds.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0
Tags: cbncentral bank of nigeriaLagos Chamber of Commerce and Industrylcci
Previous Post

Opera Mini Launches Chat Service HYPE, Records 2.4 Million Activations

Next Post

Nigerians Below The Age Of 18 Cannot Own SIM Cards Says NCC

Next Post
Nigerians Below The Age Of 18 Cannot Own SIM Cards Says NCC

Nigerians Below The Age Of 18 Cannot Own SIM Cards Says NCC

RECOMMENDED NEWS

China’s Tencent Leads Funding For South Africa’s Ozow In $48m Deal

China’s Tencent Leads Funding For South Africa’s Ozow In $48m Deal

2 years ago
Termii

Termii Launches A Mobile App To Penetrate Cote d’Ivoire And Further Expansion In North Africa.

6 months ago
Access Bank Income Via  E-Channels Rises By 37 Percent To $73M

Access Bank Income Via E-Channels Rises By 37 Percent To $73M

2 years ago
Moniepoint

TeamApt Rebrands To Moniepoint For Ease Market Penetration.

11 months ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa AI app CBDC cbn central bank of nigeria cloud crypto cryptocurrency Crypto market cybersecurity e-commerce east africa economy fintech Flutterwave funding Fundraising google government internet investment kenya License microsoft mtn ncc nigeria Partnership ride hailing rwanda seed social media software south africa startup Start up streaming technology telecom twitter west africa whatsapp

Featured Categories

App
35 Posts
View Posts
Banking
18 Posts
View Posts
Business
15 Posts
View Posts
Cryptocurrency
43 Posts
View Posts
Cybersecurity
21 Posts
View Posts
East Africa
41 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
41 Posts
View Posts
Event
12 Posts
View Posts
Fintech/Finance
130 Posts
View Posts
Funding
41 Posts
View Posts
Gadget
17 Posts
View Posts
Government
83 Posts
View Posts
Insight
8 Posts
View Posts
Internet
27 Posts
View Posts
Investment
22 Posts
View Posts
Nigerian/African Tech
47 Posts
View Posts
North Africa
4 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
6 Posts
View Posts
Service
38 Posts
View Posts
Social Media
39 Posts
View Posts
Southern Africa
25 Posts
View Posts
Startup
114 Posts
View Posts
Telecom
55 Posts
View Posts
Transport
21 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
60 Posts
View Posts
No Result
View All Result
Loading
  • Sony innovation fund
    Sony’s $10 Million Fund is Transforming Africa’s Creativity & the Theatric Industry at Large. 
    • October 18, 2023
  • Web3Ladies
    The Impact of Yellow Card’s Grant on Nigerian Women and the Blockchain Industry.
    • October 17, 2023
  • AI startups
    The Nigerian Start-ups That Evolved With The AI Technology Emergence
    • October 14, 2023
  • Starlink Nigeria
    The Impact of Starlink’s Price Drop in Nigeria.
    • October 11, 2023
  • CoverAI.io
    CoverAI’s Acquisition by Writesea, a New York-Based Firm.
    • October 11, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Sony’s $10 Million Fund is Transforming Africa’s Creativity & the Theatric Industry at Large. 
  • The Impact of Yellow Card’s Grant on Nigerian Women and the Blockchain Industry.
  • The Nigerian Start-ups That Evolved With The AI Technology Emergence

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In