The Nigeria Employers’ Consultative Association has called on the Federal Government to address the major challenges affecting businesses, noting that the foreign exchange liberalisation policy implemented by the Central Bank of Nigeria, is a major cause of the current economic challenges.
The employers’ body lamented that the policy created a reverse multiplier effect that has permeated almost all sectors of the economy, eroding previous gains. According to him, small and medium-scale enterprises have simply faded into obscurity, following the abrasive exchange rate liberalisaNotwithstanding the ongoing efforts by the current administration to improve the operating environment, Adeniyi expressed the employers’ body concerns, demanding the Federal Government’s urgent attention.
He said the increase depleted the working capital of businesses, increased the cost of production and drove up commodity prices while reducing household purchasing power.
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