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Eke rejects calls to devalue Naira

16 March 2016, 19:01Okoro Chinedu

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 “needless.”

“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.

“Devaluing now 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

Tags cbn naira

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