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CBN To Sanusi: No Further Devaluation Of The Naira

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The Central Bank of Nigeria (CBN) has replied the Emir of Kano, and immediate past governor of the bank, Mallam Muhammad Sanusi II, that his suggestion for further devaluation of the Naira is misplaced.

Sanusi had faulted the decision of the CBN and the federal government not to further devalue the naira, and also to retain fuel subsidy, on Friday.
In reaction, CBN Deputy Governor, Corporate Services Directorate, Mr. Adebayo Adelabu, while addressing journalists in Lagos on Saturday, at the Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), stated, “We are all aware of the CBN’s official position on this, that there will not be any further devaluation of the naira, and this has been communicated.

“We have made the official position known to the public. There could be comments from various quarters of the economy but we have made our official position known.”

Toeing the apex bank’s position is the CIBN’s president, Otunba Adebola Osibogun, who said, “The CBN itself is a member of the institute; off course they consult with us, we work together, even though they take the decision, so whatever the CBN decides, the institute always support.”

But the Lagos Chamber of Commerce and Industry (LCCI) threw its support behind Sanusi’s position, saying there is need to adjust the exchange rate in line with current realities.

Director-General of LCCI, Mr. Muda Yusuf, was quoted by a section of the media as saying, “We have to situate our policies within the context of current realities.

The reality for now is that the current exchange rate policy is not sustainable. That is why we have all the crises we have been having in the foreign exchange market.

“I think it is a good advice that we should adjust, I won’t call it devaluation, adjustment of the exchange rate in line with current realities.

“That will make it easier to manage the current crises that we have. The current approach of the CBN is even creating more problems, than it is even solving. I don’t even believe that is the way we should go”.