L
LequteMan
Guest
According to Nigeria's vice president, Yemi Osinbajo, another devaluation of the Naira is not an appropriate option in the current economic realities in the country, and offers no solutions.
President Muhammadu Buhari had earlier expressed his views that a further devaluation of the Nigerian currency is not healthy for the Nigerian economy.
"I don't agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy." Osinbajo said when when he received Ambassadors from Italy and Canada and other countries on Thursday.
"What we need to do is to start spending more on the economy and then things will ease up a bit." he said, adding that the federal government plans to set-up a $25B Infrastructural Fund which would be sourced from local and international sources including through Nigeria's Sovereign Wealth Fund and also the pension fund among others.
He restated that the current foreign exchange restriction is a temporary measure to ensure that "we dont deplete our foreign exchange substantially," at a time when the prices of oil in the international market is dropping.
He added that the restriction is also to bring some stability to the country's foreign reserves without which Foreign Direct Investment, FDI, might be affected.
President Muhammadu Buhari had earlier expressed his views that a further devaluation of the Nigerian currency is not healthy for the Nigerian economy.
"I don't agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy." Osinbajo said when when he received Ambassadors from Italy and Canada and other countries on Thursday.
"What we need to do is to start spending more on the economy and then things will ease up a bit." he said, adding that the federal government plans to set-up a $25B Infrastructural Fund which would be sourced from local and international sources including through Nigeria's Sovereign Wealth Fund and also the pension fund among others.
He restated that the current foreign exchange restriction is a temporary measure to ensure that "we dont deplete our foreign exchange substantially," at a time when the prices of oil in the international market is dropping.
He added that the restriction is also to bring some stability to the country's foreign reserves without which Foreign Direct Investment, FDI, might be affected.
