Labour rejects Sanusi’s call for naira devaluation
The General Secretary of the National Union of Textile and Garment Workers of Nigeria (NUTGWN), Comrade Issa Aremu, has rejected a call by the Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Mallam Muhammadu Sanusi II that the naira be devalued and fuel subsidy removed.
In a statement he signed, Aremu advised President Muhammadu Buhari to be weary of policy that could further undermine growth and development and worsen poverty in the country.
“The twin policy recommendations of naira devaluation and removal of fuel subsidy as recommended by the respected emir amount to some policy dictatorships that must be rejected by President Muhammadu Buhari. The Naira in, recent times, has lost its value drastically. The existing devalued rate of N197 to a dollar has further eroded wage income of millions of workers, in the area of the prevailing cases of unpaid salaries and worsening poverty.
“Devaluation has also increased the cost of domestic production, fueled price inflation and undermined the competitiveness of locally surviving industry, leading to loss of existing few jobs. To further recommend naira devaluation as Emir Sanusi did is an unacceptable exchange rate policy overkill. Devaluation is a false economics in a nonexporting, import-dependent economy like Nigeria. We import everything, including industrial inputs while we export no industrial good that can take the advantage of devaluation,” he said.
Aremu said the new administration should reject one-cap-fits-all policy dictates, adding that there is no substitute for good governance and employment generation.
CBN Governor, Mr Godwin Emefiele