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| CBN Governor, Godwin Emefiele |
The Central Bank of Nigeria (CBN) on Saturday dismissed the call by the former governor of the bank and present Emir of Kano, Muhammad Sanusi II, for a further devaluation of the naira.
In response to Sanusi's statements on Friday at an event where he criticized both the CBN and the federal government for retaining fuel subsidy and deciding not to devalue the naira, the CBN emphatically stated that there would be no further devaluation of the naira.
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| Emir of Kano, Muhammad Sanusi II |
Sanusi had 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."
However, CBN deputy governor, Corporate Services Directorate, Mr Adebayo Adelabu, while addressing journalists in Lagos on Saturday, 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.
Adelabu also said that though Nigeria missed the opportunity to diversify the economy when the crude oil prices where above $100 per barrel, doing so has become a must in view of the decline in crude oil prices and revenue.
The Lagos Chamber of Commerce and Industry (LCCI) however supported Sanusi's position, but opted to use the word "adjust" as opposed to Sanusi's call for devaluation.
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," he said.
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