KWACCIMA, MAN, others react to commercial banks dollars deposit rejection
- Matthew Denis
- Aug 3, 2015
- 2 min read
The recent rejection of dollars deposit by commercial banks in order to mitigate its circulation in the country has been commended by business stakeholders in Kwara State.
The stakeholders who spoke separately with Pilot Business in Ilorin at the weekend expressed their satisfaction about the development as it would further improve the nation's economy.
The President, Kwara State Chambers of Commerce, Industry, Mines and Agriculture, Chief Ezekiel Adedeji, blamed the Central Bank for excess circulation of dollars in the market.
“The monetary regulatory market should ensure that the China currency (Yuan) equates dollars. The priority accorded to dollars cannot be over-emphasized as there is little transactions between Nigeria and the United States of America but partnership with China is at a larger scale."
"Chinese government should ensure that Yuan is upgraded in the monetary market to compete favourably with dollars. This will improve Nigeria’s economy because businessmen will be more interested in buying yuan than dollars", he said.
Also, Adedeji urged President Muhammadu Buhari to introduce policies that would enhance naira values and mitigate dollars.
On her part, the Chairperson, Kwara/Kogi Manufacturers Association of Nigeria (MAN), Princess Omolola Olobayo said that commercial banks rejection of dollars is a good development as it would devalue it.
She stressed that CBN had issued a directive that one could not spend more than $600 per day, explaining that for Nigeria economy to improve, the naira must be appreciated in the monetary market.
She said, “A lot of people have been speculating against the naira and amassed so much cash. Then there are those who have been amassing dollars obtained illicitly and want to launder the money"
Also, the Coordinator, Nigeria Association of Small and Medium Enterprises (NASME), Prince Ayodeji Ajisefinni said the Central Bank of Nigeria should abolish domicile accounts.
"There is no need for a domicile account once you are in Nigeria as it will not strengthen the economy.
"The banks made it very clear that they want to get rid of the dollars in the system, so if you want to withdraw you can, but you cannot pay in dollars into your domicile account,” he explained.
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