Nigeria Will Not Devalue The Naira – Osinbajo

Must Read

Arsenal Decimates Newcastle To Move Into The Top Of Half Of The League Table

Arsenal has now moved up to 10th on the domestic league table following the four nil annihilation of Newcastle...

‘I Won’t Negotiate With Criminals But Fight Them’ – Gov Bello

Kogi state governor, Yahaya Bello has stated that instead of his administration to negotiate with criminals, it would fight...

SERAP Gives FG Seven-Day Ultimatum To Disclose Details Of Recovered Abacha Loot

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven days ultimatum to the Federal Government to reveal...

‘Revenge Killings In Katsina State Unacceptable’ – Buhari

  President Muhammadu Buhari has advised against revenge following an attack on two communities in Katsina state that claimed the...

Spurs Move Up To Fifth On Premier League Table 

Jose Mourinho's Tottenham Hotspur secured a vital victory to move up the Premier League table with an entertaining 3-2...

Vice president, Yemi Osinbajo yesterday said that further devaluation of Naira was not a solution to the current economic down turn in the country and therefore, the government would not devalue the currency.

He announced the federal government’s plan to set up a $25 billion Infrastructural Fund which would be sourced from local and international sources including Nigeria’s Sovereign Wealth Fund.

Osinbajo spoke when he received the Ambassador of Italy Mr. Fulvio Rustico and the Canadian High Commissioner in Nigeria Mr. Perry John Calderwood at his office.

“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.

“What we need to do is to start spending more on the economy and then things will ease up a bit.”

The Vice President disclosed that already other sovereign wealth funds have indicated interest in the fund which would be used to address the nation’s decaying road, rail and power infrastructures.

“This is our approach to speeding up the country’s infrastructural development.”

Osinbajo also restated that the current foreign exchange restriction is a temporary measure to ensure that “we don’t 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.

He allayed the fears of investors who already have contracts and loan commitments, saying that the federal government would work with the Central Bank of Nigeria to protect legitimate businesses from being affected by the current foreign exchange restrictions.

- Advertisement -
Ad ==> TRUTH FINALLY OUT! Discover how a young Nigerian graduate now makes a consistent 40k per week doing a legitimate online business. You too can start yours now, click here!!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -