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LCCI counsels CBN on FX policy, wants creative financing options



The Lagos Chamber of Commerce and Industry (LCCI) has urged the CBN to adopt creative financing options for clearing the short to medium-term backlog of foreign exchange.

LCCI noted that the new FX policy of the CBN unbanning the 43 items that were excluded from accessing FX at the official market, is a market-friendly step towards unifying the exchange rates and is expected to curtail inflationary pressures in the short term.

The body also said the policy change was expected to reduce the demand pressure on the parallel market and ensure there is a gradual convergence in FX market rates.

READ ALSO:MTN Nigeria CEO, Toriola, complains of CBN’s Naira redesign policy, FX scarcity

The President/Chairman of Council, LCCI, Asiwaju Michael Olawale-Cole, said this in a statement on Saturday, adding that the policy would promote orderliness and professional conduct by all market participants to ensure market forces determine exchange rates on a willing buyer- willing seller principle.

“The Chamber recommends that the CBN adopt creative financing options for clearing the short to medium-term backlog and establish a mechanism to address forex unification under the current system.

“The Chamber believes the authorities must pursue the right monetary policy reforms to improve the investment climate and boost investor confidence. We call on the CBN to ensure transparency and accountability in banks’ foreign exchange dealings at the Investors & Exporters window”.

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