No further devaluation of Naira, CBN replies Sanusi

* Exchange rate adjustment necessary — LCCI THE Central Bank of Nigeria (CBN) has dismissed the call for further devaluation by the Emir of Kano, and immediate past Governor of the bank, Mallam Muhammad Sanusi II, saying there would be no further devaluation of the naira.
Sanusi on Friday had faulted the decision of the CBN and the federal government not to further devalue the naira, and also to retain fuel subsidy. He said, “it is wrong to continue with the fuel subsidy. It is wrong to continue to pretend that you can keep the naira at a certain level, when the price of oil is falling, without depleting your reserves. You have to make a choice.”
But 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.
CIBN backs CBN
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.”
LCCI backs Sanusi
But the Lagos Chamber of Commerce and Industry, supported Sanusi’s position, saying there is need to adjust the exchange rate in line with current realities. In a telephone interview with 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. That will make it easier to manage the current crises that we have. The current approach of the CBN is even creating more problems, than it is even solving. I don’t even believe that is the way we should go”.


Check the Vanguard for the full story.
























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