Senator applauds CBN’s bullish intervention

Sen. Hope Uzodinma has commended the Central Bank of Nigeria (CBN) for the efforts it invested in strengthening the naira.

Uzodinma, who represents Imo West Senatorial District, told the News Agency of Nigeria (NAN) in Abuja that there is need to sustain the strength of the naira if the country is to overcome economic recession.

The lawmaker, who is Chairman, Senate Committee on Customs, Excise and Tariff, therefore, called on relevant stakeholders to support the current policy of the apex bank.

“The Central Bank of Nigeria must be supported in their efforts to bring down the foreign exchange rate and make naira stronger.

“If trade facilitation is to be realised, if business will blossom in Nigeria, we need a strong currency and the key to any strong economy is predominantly based on the value and concept of the exchange rate.

“So, if our local currency is strong, if our purchasing power is strong, it means that our economy will be strong.

“And the only way this can happen is to support the current effort of the Central Bank of Nigeria to encourage them to ensure that the exchange rate for US dollar to a Naira will be coming up and Naira will become stronger.

“Government has a responsibility to support our policy managers, economic managers in their various policies. For whatever has made the exchange rate as at today to be better than few weeks back, we have a responsibility and a duty as a matter of fact to support it.’’

He urged the apex bank to ensure that commercial banks complied strictly with the foreign exchange guidelines, particularly for import and export.

“I am also calling on the Central Bank of Nigeria to ensure that commercial banks comply strictly with the foreign exchange guidelines for import and export.

“The guidelines as produced by the Central Bank are very straight and strict, but what has happened over the years, why a lot of government revenue is missing is because of poor monitoring.

“If the commercial banks and the importers and exporters are made to comply with the foreign exchange rate, the comprehensive import supervision scheme will be able to produce the expected result.’’