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Naira devaluation: Anyaoku supports Buhari's position

25 February 2016, 21:35

Abuja - Former Secretary General of the Commonwealth, Emeka Anyaoku, has thrown his weight behind President Muhammadu Buhari on his stand not to devalue the nation’s currency.

Anyaoku, made the disclosure at a symposium with his opinion on the state of the Naira, a topic he said was tangential to the theme of the event, “Curtailing Nigeria’s Centrifugal Forces”.

He said devaluing the Naira would worsen the economic situation and cause a severe drain on the nation’s foreign reserves.

Anyaoku also urged the president to, as a matter of urgency, convene a meeting of carefully chosen economic experts in the country to discuss the issue, as well as the wider issue of how to deal with the country’s current economic crisis.

Also read: Buhari rejects naira devaluation

Anyaoku however met an opposition in the National Publicity Secretary of Afenifere, Yinka Odumakin, who argued that the policy of pegging the value of naira was breeding corruption.

Odumakin, who was a discussant at the symposium, disagreed with the seasoned diplomat, saying that the pegging of the naira at N199 to a dollar was encouraging corruption.

He said it was unfitting for the president to be talking about fixing a price for the naira, saying that such practice was in the past.

- News 24


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