No further devaluation of the Naira,CBN replies Sanusi

The Central Bank of Nigeria (CBN) yesterday dismissed the call for further devaluation by the Emir of Kano, and immediate past Governor of the bank, Mallam Muhammad Sanusi II, saying there would be no further devaluation of the naira.

Sanusi on Friday had faulted the decision of the CBN and the federal government not to further devalue the naira, and also to retain fuel subsidy.

He 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.”

But CBN Deputy Governor, Corporate Services Directorate, Mr. Adebayo Adelabu, yesterday, while addressing journalists in Lagos, 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. 

Vanguard