In a swift reaction to the call of the Emir of Kano, Muhammad Sanusi 11 to President Muhammadu Buhari to devalue the naira, the Central Bank of Nigeria (CBN) yesterday dismissed the call for further devaluation of the nation’s currency.
CBN Deputy Governor, Corporate Services Directorate, Mr. Adebayo Adelabu, yesterday, while addressing journalists in Lagos, at the sidelines of the Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), responded to Sanusi’s comment saying, “We are all aware of the CBN’s official position on this, that there will not be any further devaluation of the naira, and this has been communicated.” “We have made the official position known to the public. There could be comments from various quarters of the economy but we have made our official position known”, he said.
The position of the CBN was also supported by the Chartered Institute of Bankers of Nigeria (CIBN). Commenting on the calls for further devaluation of the naira, CIBN President, Otunba Adebola Osibogun, said, “The CBN itself is a member of the institute; off course they consult with us, we work together, even though they take the decision, so whatever the CBN decides, the institute always support.”
The Lagos Chamber of Commerce and Industry meanwhile supported Sanusi’s position, saying there is need to adjust the exchange rate in line with current realities. According to Vanguard, Director-General of LCCI, Mr. Muda Yusuf, said, “We have to situate our policies within the context of current realities. The reality for now is that the current exchange rate policy is not sustainable. That is why we have all the crises we have been having in the foreign exchange market. “I think it is a good advice that we should adjust, I won’t call it devaluation, adjustment of the exchange rate in line with current realities.
