Stop ad­vis­ing Nigeria to de­value Naira, SAN warns IMF

Daily Trust - - FINANCE - From Chris­tiana T. Alabi, Kaduna

A Se­nior Ad­vo­cate of Nigeria (SAN), Yunus Us­taz Us­man, has warned the In­ter­na­tional Mon­e­tary Fund (IMF) to stop mis­ad­vis­ing Nigeria to fur­ther de­value its naira.

“I have been study­ing calls by the in­ter­na­tional com­mu­nity for Nigeria to fur­ther de­value its Naira,” he said.

Re­act­ing to the de­val­u­a­tion calls by the in­ter­na­tional com­mu­nity as re­ported in a na­tional daily, Us­man stated that such calls are aimed at en­sur­ing that for­eign part­ners pay peanut for Nigeria’s oil and other goods and ser­vices while Nigeria pays through its nose to buy theirs at all times. “It is just to en­sure that we re­main per­ma­nently eco­nomic slaves to the western world,” he stressed.

Stat­ing the rea­sons why Nigeria should revalue its naira up­wards rather than de­value it, he said: “When all we had were un­pro­cessed ground­nuts, un­pro­cessed co­coa and un­pro­cessed palm oil, N1, 000 ex­changed for €777.77 in 1982 as shown in my wife’s es­ta­code in her pass­port where she bought $666.00 for N500 in 1983) but now that Nigeria is num­ber six world largest oil pro­duc­ing coun­try, why should $1 buy our Naira for N161? “Why should £1 sell for N265? What eco­nomic sense is in that? Our for­eign re­serve is not low and Gen­eral Sani Abacha fixed $1 to N80 for 8 years and it was smooth and sta­ble,” he re­called.

Ac­cord­ing to him, the only log­i­cal con­clu­sion is that “some Nige­ri­ans who had stock piled too much for­eign cur­ren­cies would want con­tin­u­ous de­val­u­a­tion of the Naira so that they can con­tinue to ex­change lit­tle for­eign cur­ren­cies at their dis­posal for a lot of Naira.”

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