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Freight Forwarders advise against further devaluation of naira

President of the National Association of Government
Approved Freight Forwarders of Nigeria (NAGAFF), Chief Eugene Nweke, on Monday
cautioned the Central Bank of Nigeria (CBN) against further devaluation of the

Nweke told the News Agency of Nigeria (NAN) in Lagos
that the devaluation of the naira was harmful to the economy and the living
standards of the citizenry.
“I have always wanted to say this that some of the
economic policies that are drawn by the Central Bank of Nigeria do not befit
our nation for now.
“For now that the economy is depressed, it calls for
adjustment in the standard of living; but worse still, it has made business
negotiations below average, especially for we freight forwarders.
“The solution to this is not further devaluation
this year as predicted by economists, but for us to invest more in developing
our local products to be suitable for exports,” he said.
Nweke said that further devaluation of the naira
would result in massive job losses and imminent inflation.
He urged the government to give more support to
exporters of non-oil products like shea butter, sesame seeds, charcoal and
The NAGAFF chief said increased exports would make
up for the weak currency and slumped oil prices in the global market.

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