CBN accuses currency speculators of putting severe pressure on monetary authorities in order to ensure that the apex bank devalues the naira

CBN - Central Bank Nigeria - Credit- commons wikimedia

CBN – Central Bank Nigeria – Credit- commons wikimedia

The Central Bank of Nigeria has accused currency speculators of being determined to put severe pressure on the monetary authorities in order to ensure that the apex bank further devalues the Naira.

Speaking at a Colloquium in Lagos, CBN’s Director of Monetary Policy Moses Tule said the apex bank will continue to manage the economy and would do anything to protect it from economic predators who he said wants to make profit from devaluing the naira.

He emphasized that the CBN was not against devaluing the naira, but said that it will only be done based on the strength of a strong industrial policy.

On his part, economic Analyst, Bismarck Rewane said the upside of devaluation of the naira is that it will make some imported goods be very expensive.

Still on that, Edo State Governor, Adams Oshiomhole, has supported President Muhammadu Buhari decision not to devalue the naira.

Governor Oshiomole while speaking at a colloquium held in Lagos explained that export-driven economies could benefit from devaluation of their currencies, but devaluation will only result in inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.

He said he believes certain interests are behind the clamor for the devaluation of the naira.

Also speaking, Former Vice President Nigerian Labor Congress, Issa Aremu said there was no basis for calls to devalue the naira.

According to Aremu, Nigeria needs to urgently re-industrialize, lower the interest rate, ensure long-term development financing, re-electrify the country and create millions of decent work for youths, who are vulnerable to insurgency and kidnapping.

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