The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to allow a liberalised exchange regime to stop multiple exchange rates in the country.
Its Director-General, Muda Yusuf, gave the advice during a forum organised Business Editors in Lagos at the weekend.
Represented by the Director of Research at LCCI, Dr. Vincent Nwani, he regretted that there are over 15 exchange rates being operated in the country starting from the banks to bureau de change operators. He said this anomaly could only be addressed by introducing a liberalised exchange rate regime where the forces of demand and supply are allowed to determine the exchange rate.
He raised alarm that food inflation would escalate by September 2018, as more famers deserted farming during the 2018 planting season for fear of being killed by the herders.
Yusuf pointed out that transportation infrastructure deficiencies add to the cost of production, but also causes damages on transit.
Commenting on the budget, he regretted that the delay in signing the 2018 budget was a clear disaster to the national economic development, adding that the delay has cost most of its members uncountable loss.
In his goodwill message, Adorable Ogidan, Managing Director/Editor in Chief, Daily Independent, adviced ABEN to engage stakeholders in policy enforcement issues ,adding that the platform will strictly provide a forum for discussion on better business reportage.
He taxed stakeholders to constantly engage in training and workshop for members and business reporters, adding that business reporting would address a lot of anomalies in the country.
The post LCCI seeks liberalised forex regime appeared first on The Nation Nigeria.