LCCI boss warns CBN: Be careful of your policies, actions, pronouncements

Mr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), has advised the CBN to be careful of likely effects of its policies, actions and pronouncements.

A statement by Yusuf in Lagos on Monday said that CBN’s policies, actions and pronouncements could have serious effects on the foreign exchange market.

He spoke against the backdrop of recent decisions by the apex banks.

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CBN barred nine banks from the foreign exchange market on Aug. 23.

Also, on Friday the CBN ordered commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banks.

The apex bank alleged that some banks were operating accounts either as companies or masking themselves as individuals for the purpose of illegally receiving money transfer flow

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Yusuf said that for now the Nigerian foreign exchange was market highly sensitive to developments in the economy.

He advised that new policies should be implemented in ways to minimise their harsh effects on investors and the larger economy.

“Many innocent investors and citizens are already bearing the brunt of CBN’s actions given the unprecedented hike in naira exchange rate,’’ Yusuf said.

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