Earlier this week there have been talks about the further devaluation of the Nigerian Naira which is presently at N179 per 1$.
The former Governor of the Central Bank Mallam Lamido Sanusi, has called for the further devaluation of the Naira, as recommended by the International Monetary Fund.
However, the present Governor of the Nigerian Central Bank Mr. Emefiele has debunked this move and has stated that the Naira will not be further devalued.
The Governor of Central Bank in his response to the Emir of Kano has said that the Naira had earlier been devalued in January 2015 from about N155 to a dollar to it's present rate of about N179 to a dollar. The CBN Governor further said that the present administration under the leadership of the Nigerian President, General Muhammadu Buhari and the Vice President Proffessor Yemi Osinbanjo, have no intention to further devalue the Naira and are both committed to the stabilization of the Nigerian currency.
However, the Nigerian CBN Governor has called for Private Sector partnership in improving the foreign exchange reserves by producing locally made goods and products for exports. He further called for the reduction of the propensity to import goods in other to boost the country's foreign reserves. He advised that producing and exporting locally made goods in Nigeria will not only improve our foreign exchange reserves but will boost the Nigerian economy and thereby enhance the stability of the Nigerian Naira.
Also, during the week the Vice President of Nigeria - Professor Yemi Osibanjo has said that the President in line with the change policy of the present administration is committed to Nigeria's economic development and hence there will be no further devaluation of the Nigerian Naira.
No comments:
Post a Comment