THE Nigeria Employers’ Consultative Association (NECA) has said the Central Bank of Nigeria’s adjustment of naira exchange rate from N360/dollar to N380/dollar at the Secondary Market Intervention Sales (SMIS) will result in inflation.
The body said this in a statement released by its Director-General, Dr Timothy Olawale, at the
According to the statement, “We believe this (the rate adjustment) will be counterproductive, as the nation depends hugely on importation of raw materials, equipment, fuels (most especially). We are sure this will imply higher cost of all imported products, with increased potential for reintroduction of subsidy regime.”
Olawale added, “Though the…
Source: Nigerian Tribune