News

Freight Forwarders Caution Against Further Devaluation Of Naira

Published

9 years ago

January 5, 2015

Mr Eugene Nweke, President, Nigerian Association of Government Approved Freight Forwarders of Nigeria (NAGAFF), on Monday cautioned the Central Bank of Nigeria (CBN) against further devaluation of the naira.
Nweke told News men in Lagos that the devaluation of the Naira was harmful to the economy and the living standards of the citizenry.
“I have always wanted to say this that some of the economic policies that are drawn by the Central Bank of Nigeria do not befit our nation for now.
“For now that the economy is depressed, it calls for adjustment in the standard of living; but worse still, it has made business negotiations below average, especially for we freight forwarders.
“The solution to this is not further devaluation this year as predicted by economists, but for us to invest more in developing our local products to be suitable for exports,” he said.
Nweke said that further devaluation of the Naira would result in massive job losses and imminent inflation was imminent.
He urged the government to give more support to exporters of non-oil products like Shea butter, sesame seeds, charcoal and others.
The NAGAFF chief said increased exports would make up for the weak currency and slumped oil prices in the global market.
Reports said that Mr Segun Awolowo, Director-General, Nigerian Export Promotion Council (NEPC), had said last December that the economy would boom within the next five years, with more focus on the real sector.