Lagos – An information and communications
technology executive has defended the Central Bank of Nigeria’s (CBN’s) moves
against devaluation of the Naira.
Leo Ekeh, Chairman, Zinox Group, said devaluation was
“The prevailing circumstances in the nation's fiscal and
monetary framework aligned to developments in the global oil market make
devaluation of the local currency a needless venture at this material time,”
Ekeh said at an event to celebrate his 60th birthday.
The event was held in Lagos.
Also read: Divisions emerge at CBN over weakening Naira
He said if devaluation was effected last year, it would
have “made sense” and enhanced investment.
would compound our already difficult situation and investors will only wait in
anticipation of a further devaluation. It will rubbish our currency forever and
strengthen the purchasing power of our trading partners,” he opined.
The Naira has lost value against major currencies, in a
setback linked to the plummeting oil price.
It is currently trading at US$1/about N200.
- CAJ News