The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), has urged the Federal Government to ban the importation of more goods to strengthen the Naira.
Mr Vincent Furo, the President of the chamber said in Port Harcourt yesterday that the over- dependence on importation was responsible for the devaluation of the Naira.
Furo, who was reacting to the proposed N5, 000 notes, said that encouragement of local production would be a veritable way to hatch a stronger currency.
The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), has urged the Federal Government to ban the importation of more goods to strengthen the Naira.
Mr Vincent Furo, the President of the chamber said in Port Harcourt yesterday that the over- dependence on importation was responsible for the devaluation of the Naira.
Furo, who was reacting to the proposed N5, 000 notes, said that encouragement of local production would be a veritable way to hatch a stronger currency.
“Our industries have to be encouraged, especially those producing auto-parts to strengthen the nation’s currency and the economy.
“Nigeria should partner with international oil companies that will be interested in refining oil than exploring,’’ he said.
He called on the Central Bank of Nigeria (CBN) to evolve economic policies that would bring the Naira to at least N120 to a dollar.
The PHCCIMA president said the N5, 000 notes would be of no economic gain but would serve the political interests of some sections of the country.
“The N5, 000 notes will only encourage money laundering; in fact it would increase corruption and inflation. ’’
Discussion about this post