Devaluing the naira would worsen Nigeria’s economic situation – Anyaoku


By Odunewu Segun

Former Secretary General of the Commonwealth, Chief Emeka Anyaoku, has thrown his weight behind President Buhari over his decision not to devalue the naira.

Mr. Anyaoku, who chaired a session at the Ondo State 40th Anniversary Symposium in Akure on Wednesday while commenting on the theme of the event “Curtailing Nigeria’s Centrifugal Forces” said: “devaluing the naira, would worsen the economic situation of the country.”

“There is an incontrovertible fact that with the present level of the country’s dependence on imported goods, which results in a monthly import bill that is four times the value of our main export, which is traded in dollars, official devaluation of the naira vis-a-vis the dollar, will inevitably produce a further rise in inflation to the detriment of all of us, including, especially the masses.”

He said those calling for official devaluation of the naira must come up with a good answer to Nigeria’s basic present problematic situation with its currency. He however urged the President to convene a meeting of carefully chosen economic experts in the country to deal with the country’s current economic crisis.

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However, at the event, National Publicity Secretary of Afenifere, Yinka Odumakin, argued that the policy of pegging the value of naira was breeding corruption.

He said the comments of the president in Egypt that he would not allow the naira to be devalued, and that those who have foreign taste should go and look for where to fund it, was unfortunate.

“The plane that took the president to Egypt was not made in Nigeria. The parts of that plane were not made in Nigeria. Everything that was budgeted for in Aso Rock this year are not made in Nigeria. The vehicles that they are riding in the villa, they are made abroad,” he argued.

“We should allow the naira to find its level. What we are doing presently is hurting the economy. The naira must be allowed to find its level and should stop this corruption where we think we can peg the naira at N199, while the naira is on a free fall, you are only encouraging corruption.” he argued.


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