October 16, 2021


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Coalition objects to Osinbajo’s stance on naira devaluation

From Sola Ojo, Kaduna

The Coalition of Northern Youth Groups has objected to Vice President Yemi Osinbajo proposition on naira devaluation, warning that more Nigerians would be impoverished if done.

The Coalition through its convener, Yusuf Amoke, said it was strongly against such a proposal, saying the Nigerian economic team should rather come together and unify naira both at official and parallel markets instead of further devaluation of the country’s legal tender.

According to Amoke, ‘we have carefully listened to the position of the vice president and we have critically analysed his positions on monitory policies. His position is limited seeing as the fact that he is not an economist but a lawyer and, if the path of the vice president were to be taken, soon the naira will be nowhere to be found.

‘VP had opined that the CBN should further devalue the naira for an economic benefit Nigerians are yet to understand. The naira has lost its value so much that it does no longer have exchanged value compared to other currencies in Africa, most especially our neighbouring countries that we were once better of.

‘The vice president was the chairman of the National Economic Management Team Committee from the beginning of this government up until it was recently dissolved by the president.

‘This action of Mr President must have had a lot to do with the poor understanding of his vice in this stance. To buttress our point, while he led that team, the dollar was devalued a number of times either deliberately or forcefully by elements of the market and surprisingly, there has been no economic prosperity to commensurate the devaluation of the currency.

‘It is obvious that there is no magic the CBN governor or any other person can do to improve on the economy because the economy is an importation economy. There is less dollar within the system but high demand to import and go for medical and educational tourism. This is because its only oil that brings dollar into the system and unfortunately the subsidy regime and the importation of refined products further takes away dollar that is supposed to support the economy.

‘Instead of castigating the CBN governor, he should be hailed for keeping the monitory system afloat despite overwhelming pressure on the dollar.

‘He stressed that for us to get dollar inflow there is a need to devalue the naira to as much as the market determines, which in our opinion is a show of complete ignorant of the economy and its operations. Currencies are devalued where there are things to export from a country in other to make goods and services cheaper to foreigners who will bring in the dollar if not, it will be a temporary enjoyment.

‘We, therefore, call on Mr Vice President to keep that opinion to devalue the naira to himself and allow the CBN governor and other sister agencies to keep doing what they can do to help the economy.

‘Mr President should not contemplate bringing back the Economic Management Team (EMT) headed by the V President for any purpose, because he is a good lawyer but a bad economist.

‘Mr President should encourage the position of the CBN governor not to devalue the naira but instead create ways that will strengthen the currency.

‘We shall not allow anybody to use his or her office to project unpopular policies that will plunge Nigerians into further poverty, the one the masses are faced with is enough. Further devaluation of naira means more poverty, more insecurity, more restiveness and more death in the land. We say NO to the devaluation of naira,’ Amoke submitted.

The post Coalition objects to Osinbajo’s stance on naira devaluation appeared first on The Sun Nigeria.

Source: news