• Price of goods not reducing amid naira appreciation, Accord Party tells govt
Accord Party, yesterday, called on the Federal Government to intensify efforts at stabilising prices of commodities, noting that the appreciation of the Naira against the United States dollar has not reflected in the cost of goods.
Lagos State Chairman of the party, Dele Oladeji, made the call in an interview with the News Agency of Nigeria (NAN). He said Nigerians were seriously anticipating a reversal of rising prices of consumer goods and food items in the country. The politician, therefore, implored the Federal Government to review all contributory factors to inflation and ensure stable prices of basic needs.
MEANWHILE, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has advised that Nigeria Customs Service (NCS) duties should be charged in Naira.
Its president, Dele Oye, advised while reacting to the Central Bank of Nigeria’s directive on the use of foreign currency collateral for Naira loans.
On April 8, the apex bank directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 per cent capital adequacy ratio computation as part of the financial institution’s risk measures.
Responding to the development, Oye stated that his association is still unclear about the fiscal policy objectives, adding that while the directive has resulted in calming the markets, activities remain guided without a complementary fiscal policy direction.
His words: “We are still unclear about the fiscal policy objectives being pursued through these monetary policy directives.
“This directive is one of many in the public domain, and our position is to treat them equally.” He said NACCIMA is determined to draw attention to the issues bordering on lack of policy direction for several reasons.
Oye also expressed regret that the recent hike in the monetary policy rate would dampen investments in the agricultural and manufacturing sectors. He, therefore, appealed that all bonafide government transactions must be in the sovereign currency of Nigeria.
