The Federal Government has been alerted to have more than a cursory interest in the down slide of the nation’s currency, rather adopt a proactive method to stop the decline.
The advice was given last week by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and its Abuja branch.
Specifically, NACCIMA and Abuja Chamber of Commerce, Industry, Mines and Agriculture (ABUCCIMA), called for an immediate government intervention, to save the country from the unsavoury pangs of a depreciating currency on an import dependent economy.
President of NACCIMA, Dr. Simon Chukwuemeka Okolo who gave the advice at the inauguration of the new executives of the Abuja chapter raised alarm that the continuous fall of the value of Naira is dangerous for the manufacturing and productive sector of the economy. The consequences of this are persistent inflation and attendant spiralling effect on the economy.
“The value of the naira is depreciating on a daily basis. The consequences are inflation and the increase in prices of goods, both local and foreign. Government should do something to stabilise the banks and the Nigerian Stock Exchange”, he said.