NECA applauds naira appreciation, advocates sustenance

Following the appreciation in the naira exchange rate over the weekend, Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to sustain and improve naira appreciation over the weekend, saying it is the desire of the private sector.

Director-General of NECA, Adewale-Smatt Oyerinde, who spoke yesterday, also urged the Federal Government to strengthen measures towards upscaling crude oil production for export, by entrenching a better monetary and exchange rate management through judicious and productive allocation of available forex, promoting non-oil export and encouraging domestic refining of crude oil by private individuals.

He said that with the Port Harcourt Refinery in operation, government needed to end the importation of refined fuels and improve patronage on made-in-Nigeria goods and services.

Enforcing these, NECA said, would lower dollar movement outside the country.

According to Oyerinde, naira standing at N1533.76/dollar on Friday, which indicated an appreciation of over eight per cent, was a welcome development.

The NECA boss said it was particularly welcomed by the private sector, which is facing acute forex challenges for the importation of raw materials and machines not produced in the country.