• Business - Economy
  • Updated: February 03, 2023

Naira Swap Causing Hardship, Disrupting Economic Activities — NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has said that the naira swap exercise  is causing untold hardship to the citizens, and has largely disrupted economic activities in the country,

Oluola Obadimu, the Director-General of the association, Olusola Obadimu, who said this while speaking with Punch, added that the Central Bank of Nigeria’s inability to manage the hardships associated with phasing out old naira notes has traumatised Nigerians.

Obadimu said the management of the currency exchange exercise could have been done better, as the past few weeks have been quite traumatic for a lot of Nigerian citizens and small businesses particularly, especially in view of the lingering fuel scarcity.

"Throughout yesterday, no single ATM that I visited (both around Ikeja in Lagos and even Abuja) had currency notes, including within the airports. This is not decent enough.”

Obadimu also criticised the position of the apex bank that its new policies would help curb vote buying during the forthcoming general elections.

"How I wish the CBN governor would pay more attention to basic CBN management issues and monetary policy guidelines.

"The INEC chairman should worry more about electoral matters.

“There are more important CBN-related issues begging for urgent attention – gaping interest rates (between lending and savings), gaping forex rates (between official & parallel), soaring inflation rates, etc.

"When we are responsible for discharging the elements of our assignment as a public official, we should be careful of losing focus.”

He said the economy should not be shut down because of pending elections.

“Imagine a visitor coming into Nigeria for the first time and on arrival at the Airport, couldn’t withdraw any money from any ATM in either Lagos or Abuja.

"What kind of investment-friendly rating would he give us?

"Are we serious about attracting investments at all?

"We must be careful lest we lose focus in discharging our duties,” he cautioned.

Related Topics

Join our Telegram platform to get news update Join Now
Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author


fbn holdings plc Financial Services

FBN Holdings Plc. is a non-operating financial holding company of one of the lar...

nem insurance plc Financial Services

NEM INSURANCE PLC started an insurance business in Nigeria in 1948 through the a...

consolidated hallmark insurance plc Financial Services

Consolidated Hallmark Insurance (CHIPLC) Plc is a general insurance company in N...

united capital plc Financial Services


0 Comment(s)


See this post in...