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LequteMan
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Guaranty Trust Bank CEO, Segun Agbaje, has called for a 10% depreciation of the naira against the dollar.
According to him Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable.
“There’s only one way the currency can go,” Segun Agbaje, chief executive officer of Lagos-based Guaranty Trust Bank Plc, said in a conference call on Tuesday. “As a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.”
A devaluation of about 10 percent against the dollar would be enough for the naira to “settle,” he said.
Bloomberg
According to him Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable.
“There’s only one way the currency can go,” Segun Agbaje, chief executive officer of Lagos-based Guaranty Trust Bank Plc, said in a conference call on Tuesday. “As a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.”
A devaluation of about 10 percent against the dollar would be enough for the naira to “settle,” he said.
Bloomberg
