Lagos Chamber of Commerce and Industry has said that the Central Bank of Nigeria’s forex policy is creating distortions in the economy and it could lead to an economic crisis.
Currently the exchange rate is N244 per dollar at the parallel or black market, while the Central Bank of Nigeria pegs it at 197 per dollar at the interbank market.
It said in a statement signed by its President, Mr. Remi Bello, LCCI said “It is an incentive for round- tripping, it will create distortions in the economy, it compromises the principle of level playing field in the economy, it will make the management of the foreign exchange market vulnerable to all manner of sharp practices and corruption.
“Meanwhile, in the spirit of transparency and in line with the values of the present administration, we call for the publication of the list of beneficiaries of the foreign exchange allocations in the past one month. This will allow for a more robust discussion and engagement on the way forward.”
The LCCI called on President Muhammadu Buhari to urgently do something about the issue of importation of petroleum products.
LCCI said “The same is true of the implications of fuel subsidy on the fiscal stability of governments at all levels. These are major fiscal issues posing challenges for monetary policy and the management of the foreign exchange market. We call on President (Muhammadu) Buhari to do something urgently about these critical issues.”
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