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Advocates respond to CBN position on devaluation

08 February 2016, 16:37Emeka Okonkwo

Abuja - The Good Governance Advocates has expressed doubts over the success of measures the Central Bank of Nigeria has adopted to retain the value of the Naira.

The currency has been on a free-fall against major tenders such as the United States Dollar, prompting calls to devalue.

Recently, President Muhammadu Buhari spoke against such proposals.

While it concurred with Buhari, the group took a veiled swipe at the leader.

“We have extended importation to President, since 97 percent of our President's inaction and actions usually come from his abroad tours,” said Ifedayo Obi, on behalf of the Good Governance Advocates.

He continued, “We need to come with terms, despite all stringent policies on foreign exchange by CBN for over seven months the gap between official and parallel markets rates keep widening.”

Also Read: CBN rejects Naira devaluation

Obi said all the policies to protect slim foreign reserves and curb capital flight would continue to keep both official rate and parallel market rate at "arms' length" in as much as those factors responsible remain negative to our economy.

“In practical, forces of demand and supply should determine price of any item but we are ignoring this fact. What we are running from have eventually caught us unaware.”

Obi said the country needed “sincerity of purpose” in governance “if we really want the governed to smile.”

“It really doesn't matter if Mr President keeps touring the globe. No country will give you something without taking it back in 20 fold."

Obi added, "Let us make our home conducive for businesses with policies and projects and not charity begins abroad approach."

The Naira is officially pegged at 190 to the US$ but has previously traded at 300 in the parallel market.

- CAJ News

Tags cbn naira

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