Published On: Thu, Feb 25th, 2016

Anyaoku Warns Against Currency Devaluation, Asks Buhari To Dialogue With Experts

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By Sadiq Umar – A former Secretary-General of the Commonwealth, Emeka Anyaoku, has spoken against devaluation of Naira, warning that doing so would create further inflation that would hurt the masses.

Devaluation will hurt the poor

Devaluation will hurt the poor

Mr. Anyaoku said what needs to be done is for the president to set up an economic team to proffer solutions to the nation’s economic problems.

The former Secretary-General who was special guest at the celebration of Ondo state’s 40th anniversary in Akure, said devaluation of the Naira would lead to inflation and that the masses would be ultimately affected.

According to him, “There is an incontrovertible fact, that with the present level of the country’s dependence on imported crude, which results in a monthly import bill that is four times the value of our main export, which is traded in dollars, official devaluation of the naira would inevitably produce a further rise in inflation to the detriment of all of us.

“In such circumstances, devaluation would lead to an unacceptable drain on our country’s external reserves, which is already worryingly depleted.

Anyaoku’s position tallies with that of President Muhammadu Buahri who insisted that Naira would not be devalued as doing so will further bring untold hardship to poor Nigerians.

“In my view, the president should as a matter of urgency convene a meeting of carefully-chosen economic experts in the country to discuss this item and provide means on how to deal with the country’s economic vices,” Anyaoku said.

Dignitaries at the event include: former Information Minister Labaran Maku, Senator Ben Murray-Bruce and Senator Shehu Sani among others.

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