The Central Bank of Nigeria has reaffirmed its position not to further devalue the national currency. A CBN spokesman, Mr. Bayo Adelabu, speaking at the Investiture of the Chartered Institute of Bankers of Nigeria (CIBN),said “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.”
The Emir of Kano, Muhammad Sanusi II had publicly called for the devaluation of the Naira.
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.”
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