NBCC advises CBN on monetary policy

Nigerian-British Chamber of Commerce (NBCC) has urged the Central Bank of Nigeria (CBN) to sustain a monetary policy aimed at increasing capital inflows, encouraging domestic lending and enhancing production for export.

The Chamber also asked the apex bank to focus more on policy that will drive infrastructural development, enhance tax compliance and ensure a favourable environment for SMEs in the country.

NBCC President, Prince Dapo Adelegan, who disclosed this during the Chamber’s quarterly review of the economy identified decline in economic activities, increase in the rate of unemployment and high operating cost as some of the effects of the restriction earlier placed on foreign exchange.

On foreign portfolio investment, Adelegan said the foreign inflow dropped from N53.20 billion in April, last year to N14.52 billion in April, this year.

He noted that many investors had left the country due to foreign exchange restriction and economic downturn.