The Nigeria Employers’ Consultative Association (NECA) has urged the Central Bank of Nigeria (CBN) to take a proper assessment of the foreign exchange (FX) crisis, which has crippled many businesses to resolve it.

NECA said it is in the best interest of the economy for all stakeholders to align on issues that would promote rapid development and inclusive growth.
Director-General of NECA, Adewale-Smatt Oyerinde, said this while commending the CBN for the launch of the Nigerian FX Code, describing it as a strategic policy initiative aimed at enhancing transparency, ethical conduct and governance in Nigeria’s FX market.He said the introduction was a commendable step towards enhancing transparency, integrity and professionalism in the FX market.

According to him, the move aligns with NECA’s advocacy for policies that foster a conducive business environment and economic stability. While expressing NECA’s commitment to robust engagement with the CBN, he emphasised the association’s belief that the FX Code would not only promote ethical conduct among market participants but would also bolster investor confidence, which he said was crucial for economic growth.

While he encouraged all stakeholders to familiarise themselves with the provisions of the FX Code and ensure full compliance to achieve its objectives, he said: “The CBN must ensure full compliance with the FX Code across all market participants, including banks, Bureau De Change operators, and corporate entities. There must also be periodic reviews and stakeholder engagements to fine-tune the policy where necessary.”

https://guardian.ng/business-services/business/neca-urges-cbn-to-resolve-challenges/