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January 1, 1970, 12:00 am

Stakeholders seek incentives for FX-generating firms

Stakeholders seek incentives for FX-generating firms

To prevent business collapse arising from the lingering foreign exchange (FX) challenges, operators have stressed the need for the government to provide fiscal incentives to sectors that attract FX into the country.A backlog of unfulfilled FX promises and pro-market reform had delivered a tumultuous year for the naira in 2023, leading to a loss of about 50 per cent of the value of the currency.\r\n\r\nAnalysts predicted that the naira downward momentum is likely to continue through much of 2024. Operators said there is an urgent need for the country to ease FX supply constraints, strengthen its weak foreign reserve and stabilise the exchange rate to avert impending job loss and company collapse that may arise from the ugly trend in 2024, especially small businesses.