Ex-MAN chairman lauds CBN as Naira appreciates

A former Chairman of Manufacturers Association of Nigeria (MAN) Ogun Chapter, Dr Wale Adegbite, has commended the Central Bank of Nigeria (CBN) for making emphatic efforts towards the recovery of Naira.

Adegbite said this to the newsmen on Wednesday in Ota, Ogun.

Supreme News reports that in Abuja, the Naira exchanged for as high as N1,900 to a dollar in February.

But the currency has gradually appreciated after Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).

Meanwhile, at the Investors and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against dollar.

The former MAN chairman said the recovery of Naira against the dollar was a welcome development as this would bring about price stability.

“Naira has been recovering because of the implement of orthodox monetary policy by the monetary authorities in Nigeria.

“In addition, this will bring about price stability which is a welcome development for both manufacturers and the public.” he said.

Adegbite said that the side effect of the new policy is higher cost of funds which manufacturers need to navigate round by seeking developmental loans from institutions like Bank of Industry (BOI) and Development Bank of Nigeria (DBN)

The former MAN chairman urged the apex bank not to relent towards making policies that would help in the recovery of the Naira.