Stakeholders in the business sector in Kwara State have commended the rejection of dollar deposits by commercial banks in order to control its circulation in the country.

The stakeholders, who spoke separately with reporters yesterday in Ilorin, expressed their satisfaction about the development as it would further improve the nation's economy.

The President, Kwara State Chambers of Commerce Industry, Mines and Agriculture (KWACCIMA),Chief Ezekiel Adedeji blamed the Central Bank for what he termed excess circulation of dollars in the market.

"The monetary regulatory market should ensure that the China currency (Yuan) equates the dollar.

"The priority accorded the dollar cannot be over emphasized as there are little transactions between Nigeria and the United States of America, while the volume of trade with China is very high.

"Chinese government should ensure that Yuan is upgraded in the monetary market to compete favorably with the dollar.

"This will improve Nigeria's economy because businessmen will be more interested in buying Yuan than dollars," he said.

Adedeji urged the government to introduce policies that would enhance naira value and reduce the influence of dollar.

The Chairperson, Kwara/Kogi Manufacturers Association of Nigeria (MAN), Princess Omolola Olobayo described commercial banks' rejection of dollar as a welcome development as it would reduce the value of the currency.

She stressed that the CBN had issued a directive that pegged daily spending of dollar at $600, explaining that for Nigeria's economy to improve, the naira must be appreciated in the money market.

"A lot of people have been speculating against the naira and amassed so much cash, while many have stockpiled dollars obtained illicitly and want to launder the money," she added.

The Coordinator, Nigeria Association of Small and Medium Enterprises (NASME), Prince Ayodeji Ajisefinni called on the Central Bank of Nigeria to abolish domicile accounts.

"There is no need for a domicile account once you are in Nigeria- as it will not strengthen the economy.

"The banks made it very clear that they want to get rid of the dollars in the system, so, if you want to withdraw you can, but you cannot pay in dollars into your domicile account," he explained.