Ex-NACCIMA President Cautions CBN Against Currency Restructuring

A former President of National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr Simon Okolo,  has advised the Central Bank of Nigeria (CBN) to reconsider its proposed currency restructuring.

Okolo gave the advice during an interview with newsmen in Aba.

He said that Nigeria’s economy would not be better even with N5, 000 notes in circulation.

Okolo said that the economy was already being affected by high inflation, high interest rates, infrastructure decay, smuggling and inconsistent policies of government.

He said the organised private sector, which he described as the driving force in any economy, had also been adversely affected by high inflation in the country.

Okolo advised the CBN to pursue policies that would curb the infrastructure decay and stabilise prices of goods and services.

The ex-NACCIMA president also advised the apex bank to relinquish its monopoly on the distribution of Nigeria’s dollar earnings to lesson inflation and lower the interest rate to single digit.

According to him, Nigeria needs to pursue policies that will stimulate investment and industrial growth to address the high unemployment and poverty rates.

Okolo said that the low productivity in Nigeria would not support the proposed currency regime.

“What we need are policies to increase Nigeria’s low-level production base.

“The apex bank should be seen carrying out its statutory responsibilities of maintaining price stability in the economy,“ he said.