CBN’s Policies Hurting Economy – NACCIMA

Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has called for a radical shift in the Central Bank of Nigeria’s (CBN) monetary policies, citing the need to stabilize the economy and address the suffering of ordinary Nigerians, farmers, SMEs, and large businesses.

Gatekeepers News reports that in a statement released on May 25, 2024, NACCIMA President, Dele Kelvin Oye, Esq., expressed concern over the CBN’s policies, which he said have failed to translate into tangible economic benefits despite reported GDP growth.

He noted that the high interest rate has made it impossible for businesses to access capital, and the persistent depreciation of the Naira has exacerbated economic difficulties.

Oye criticized the CBN’s refusal to collaborate with currency market operators and its unilateral approach to monetary policy, which he said has resulted in hyper-inflation, erosion of purchasing power, and business closures.

He urged the CBN to engage stakeholders, stabilize the Naira, rein in inflation, and facilitate access to capital at reasonable interest rates.

NACCIMA’s call for a paradigm shift in monetary policies comes as the economy struggles with high interest rates, currency instability, and inflation.

The association’s president emphasized the need for a collaborative and pragmatic approach to economic management, warning that the current path is unsustainable and hurting the economy.