The Lagos Chamber of Commerce and Industry, LCCI, has urged the Central Bank of Nigeria, CBN, to implement the correct calibration of monetary policy, considering the resilience of the economy and the implications of the global monetary spillovers to financial stability.
LCCI President, Michael Olawale-Cole made this statement during the CBN special day event at the 2022 Lagos International Trade Fair.
Olawale-Cole said Nigeria is facing extremely challenging business environment, where inflation is being driven by a range of different shocks- hence the need for accurate monetary policy implementation.
“As at September 2022, inflation has surged to 20.77% and looking ahead, the short to medium-term inflation outlook presents clear upside risks in the context of extraordinary uncertainty in the economy.
“The depreciation of the Naira has also added to the build-up of inflationary pressures as price pressures are evident in all economic sectors owing largely to the impact of high energy costs feeding through the whole economy,” he said.
The LCCI boss while speaking on the Nigerian economic growth and issuance of the new currency notes said the CBN should also consider converting the country’s lower currency notes into coins to facilitate highly repetitive retail transactions.
Olawale-Cole further said this will also lead to the avoidance of printing pieces of Low-value notes with a short lifespan
The LCCI also appealed to the CBN to adopt more innovative ways, establish appropriate policies and take steps that will drive down the inflation rate and strengthen the value of the Naira.