The Nigeria Employers Consultative Association (NECA) has called on President Bola Tinubu’s government to sustain efforts to improve the naira exchange rate.

Adewale-Smatt Oyerinde, NECA’s director-general, made the call in a statement on Sunday in Abuja.

Mr Oyerinde was reacting to the recent appreciation in the naira exchange rate, particularly in the last week, standing at N1,533 to the dollar on Friday.

He said this indicated an appreciation of over eight per cent, which is a welcome development.

Mr Oyerinde said the development is particularly welcomed by the private sector, which faces acute forex challenges in importing raw materials and machines not produced in the country.

He, however, said it was difficult to “definitively pinpoint the reasons for the improvement.”

“It could be due to the recent 2.2 billion-dollar Eurobond secured by the federal government or the upsurge in diaspora remittances as a result of the festive season.

“However, to sustain and improve the appreciation of the naira value, which is what the private sector desires, we urge the federal government to strengthen existing measures.

“That is to upscale crude oil production for export and entrench a better monetary and exchange rate management through judicious and productive allocation of available forex,” he said.

Mr Oyerinde also urged the federal government to promote non-oil exports and further encourage domestic refining of crude oil by private individuals.

(NAN)