Economists Advise Buhari On Naira’s Devaluation
The economists from the Ahmadu Bello University, Zaria, have advised President Muhammadu Buhari on naira’s devaluation.
They say the government should not devalue the naira, but cut the cost of governance to rebuild the economy.
The spokesperson of the 1988 graduates of economics, ABU, Isiaq Ajibola, gave the advice on Saturday, November 14, in Abuja at the yearly meeting of the set.
Ajibola said the best ways to revive the economy was to cut cost, saying that the government had demonstrated competence in that direction in its recent decisions.
He also defined the Treasury Single Account policy of the government as a very nice idea.
The economist said: “We all know that the economy of the country is on the down side largely due to drop in oil revenue.
“The President so far has resisted a lot of things and one of such is the devaluation of the naira.
“We urged the President to continue in that light, we do not want devaluation of the naira.
“If we continue that way and the Minister of Finance, in-line with government’s vision, manages finance of the country well, we will all be fine at the end of the day,” he said.
Ajibola clarified that the vision of the association was to reunite the set after a very long time and be useful to one another.
In November the Central Bank of Nigeria devalued the naira, first from N155 to N168 to one US dollar, and later to the current N198 to the USD. The rate goes for as high as N222+ in the black market.
However, despite calls from some experts for further devaluation of the naira, in the face of Nigeria’s economic disorder, the presidency said the administration will not devalue the currency again.
They say the government should not devalue the naira, but cut the cost of governance to rebuild the economy.
The spokesperson of the 1988 graduates of economics, ABU, Isiaq Ajibola, gave the advice on Saturday, November 14, in Abuja at the yearly meeting of the set.
Ajibola said the best ways to revive the economy was to cut cost, saying that the government had demonstrated competence in that direction in its recent decisions.
He also defined the Treasury Single Account policy of the government as a very nice idea.
The economist said: “We all know that the economy of the country is on the down side largely due to drop in oil revenue.
“The President so far has resisted a lot of things and one of such is the devaluation of the naira.
“We urged the President to continue in that light, we do not want devaluation of the naira.
“If we continue that way and the Minister of Finance, in-line with government’s vision, manages finance of the country well, we will all be fine at the end of the day,” he said.
Ajibola clarified that the vision of the association was to reunite the set after a very long time and be useful to one another.
In November the Central Bank of Nigeria devalued the naira, first from N155 to N168 to one US dollar, and later to the current N198 to the USD. The rate goes for as high as N222+ in the black market.
However, despite calls from some experts for further devaluation of the naira, in the face of Nigeria’s economic disorder, the presidency said the administration will not devalue the currency again.
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