Corrupt Practices Exacerbate Naira Strain, Claims ACCI President

By Milcah Tanimu

Emeka Obegolu, President of the ACCI, highlighted in an interview in Abuja the detrimental impact of illicit financial transactions on the naira, attributing its undervaluation to corrupt practices.

He urged the government to swiftly address corruption within the financial system to alleviate the undue strain on the naira and penalize offenders identified by relevant authorities.

Obegolu emphasized the necessity for the Economic and Financial Crimes Commission (EFCC) to provide concrete evidence regarding allegations of dollar hoarding by bank CEOs while reporting profits.

He stressed the importance of tackling illicit naira transactions for the dollar, asserting that corruption remains a primary driver of the currency’s strain.

Regarding rising food prices, Obegolu advocated for measures to enhance citizens’ purchasing power, urging support for local businesses and the avoidance of arbitrary taxes and excessive exchange rates on imports.

He called for investments in technology to bolster local enterprises and ensure fair competition with imported goods, highlighting the need for entrepreneurs to access dollars at government rates for machinery imports.


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