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NECA admonishes CBN to abolish multiple FX window

NECA admonishes CBN to abolish multiple FX window July 12, 2017

The Nigeria Employees Consultative Association (NECA) has called on the Central Bank of Nigeria (CBN) to consider abolishing the multiple exchange rates and allow market forces to determine the value of the Naira.

President of NECA, Mr Larry Ettah, made the call at the Annual General Meeting and 60th anniversary celebration of the association in Lagos yesterday.
 
Ettah said: “The current forex rate dispensation with its attendant multiple rates does not augur well for the right pricing and effective means of resource allocation.”
 
The association also expressed reservations at the current high interest rate, describing it as “clearly negative to growth and development.”

Source: Daily Trust
Article by: Sunday Michael Ogwu,

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