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LequteMan
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Nigeria's Vice President Yemi Osinbajo and a former governor of the Central Bank, Joseph Sanusi, on Saturday clashed over the issue of devaluing the Naira.
The positions were taken at a town hall meeting that the Vice President held with his co-tenants in the Victoria Garden City (VGC) on the Lekki-Epe axis of Lagos.
At the widely attended and thought provoking event, Mr. Osinbajo insisted that devaluation was not on the table, adding “that is the position of government’’.
He said the CBN will operate in line with the speech delivered by President Muhammadu Buhari, after he was elected to come up with flexible exchange rate to be supported by strong monetary policies.
He added that the foreign exchange policy of government was to stop unnecessary consumption of imported goods and promote local manufacturing.
However, former CBN Governor, Mr. Sanusi, a VGC resident, advised the government to either devalue the currency or stop the confusion between the official and parallel market exchange rates.
He said allowing an official rate at N97 per dollar while the parallel market sold for over N300 was “distractive’’.
“Naira is already devalued and government not accepting it is postponing the evil day,’’ Mr. Sanusi said.
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The positions were taken at a town hall meeting that the Vice President held with his co-tenants in the Victoria Garden City (VGC) on the Lekki-Epe axis of Lagos.
At the widely attended and thought provoking event, Mr. Osinbajo insisted that devaluation was not on the table, adding “that is the position of government’’.
He said the CBN will operate in line with the speech delivered by President Muhammadu Buhari, after he was elected to come up with flexible exchange rate to be supported by strong monetary policies.
He added that the foreign exchange policy of government was to stop unnecessary consumption of imported goods and promote local manufacturing.
However, former CBN Governor, Mr. Sanusi, a VGC resident, advised the government to either devalue the currency or stop the confusion between the official and parallel market exchange rates.
He said allowing an official rate at N97 per dollar while the parallel market sold for over N300 was “distractive’’.
“Naira is already devalued and government not accepting it is postponing the evil day,’’ Mr. Sanusi said.
Premium Times
