Economists on Wednesday advised the Federal Government and the Central Bank of Nigeria to review their policies and introduce measures that would turn around the dwindling fortunes of the nation’s economy.
They spoke against the backdrop of the persistent fall of the naira against the dollar, with the local currency exchanging for 375 against the greenback at the parallel market on Wednesday; the imminent economic recession; and the spike in inflation to 16.5 per cent in June.
The Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, who noted that the global fall in crude oil prices had made the nation’s oil revenue to nosedive, said there was a need for the Federal Government to seek foreign exchange from alternatives sources in order to cover for the shortfall.
He said Nigeria and its economic managers could not afford to fold their arms and allow the situation to get worsened. Rather, he said efforts must be geared towards implementing policies that would fight negative growth and inadequate liquidity at the inter bank market.
-PUNCH NEWS
Related
powered by sue.ng a legal search engine