Stabilize the naira, reduce inflation, NECA urges CBN

The National Chairman of the Nigerian Association of Chambers of Commerce, Industry, Mining and Agriculture, Dele Oye, has called on the Central Bank of Nigeria to intensify efforts to stabilise the naira as the currency’s instability has led to economic inflation.

Oye said: “On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, we express our sincere appreciation for your efforts in resolving the minimum wage issue amicably.

“Your acceptance of the proposal of N70,000, together with the attached incentives and the promise of periodic review, is commendable. We also thank the members of the organised private sector and the negotiating team for their invaluable contributions.

“However, we urge the government to swiftly announce the 2024 budget policy and call on the Central Bank to intensify efforts to stabilise the naira as its instability is significantly fuelling inflation. Without immediate and effective strategies to control inflation, further unrest may occur before the stipulated three-year review period.”

In the same vein, the Director-General of the Nigeria Employers’ Consultative Association, Adewale Oyerinde, lauded the move. He commended President Bola Tinubu “for resolving the longstanding issue of the national minimum wage.”

He added: “While we commend the President for the approval, it must be noted that ability to pay remains a fundamental consideration. The President’s proposed support for organized businesses must be announced immediately to enable businesses to plan effectively.”

Meanwhile, Segun Kuti-George, the National Vice President of the Nigerian Association of Small-Scale Industrialists, said it would be a Herculean task for the organised private sector, comprising nano, micro, small and medium enterprises, to pay the new minimum wage.

He said: “The reason the new minimum wage would be a Herculean task is that they are already grappling with high production costs caused by high inflation rates, high interest rates and an unfavourable exchange rate between the naira and the dollar.”