CBN Insists; No Naira Devaluation




For the umpteenth time, the Central Bank of Nigeria has rejected persistent calls from numerous financial analysts such as Emir Sanusi Lamido to devalue the Naira.
The latest refusal came on Friday, a day after Vice President, Yemi Osinbajo equally gave similar commitment.
Speaking with Newsmen, the CBN Governor, Mr. Godwin Emefiele stated thus;
“There has been a lot of talk on whether or not we want to depreciate our currency again.
“The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.
“There is no intention to depreciate or adjust the currency any longer,” he said.
According to the nation's number one banker, the Bank's priority at the moment is to boost the foreign exchange market to make it viable. According to him, the CBN will soon be launching a campaign called PAVE which means "Produce Locally, Add Value, Export your Product and Earn Foreign Exchange for your imports.
Speaking further, he said that what the economy needs now is a reduction in the nation's propensity to import and not a reduction in the currency's value.
However, it remains to be seen whether the Nigerian Government will cave in to the pressure to further devalue the Naira.

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