The Nigerian Vice President, Professor Yemi Osinbajo, has given reasons for the government’s disapproval of further devaluation of the nation’s currency, saying it is not an appropriate option in the current economic realities and offers no solutions as far as the Buhari administration is concerned.
President Muhammadu Buhari had earlier expressed his views that a further devaluation of the Nigerian Naira was not healthy for the economy.
At a meeting on Thursday with the Italian Ambassador in Nigeria, Mr Fulvio Rustico and the Canadian High Commissioner in Nigeria, Mr Perry John Calderwood, in his office in Abuja, Vice President Osinbajo emphasised President Buhari’s views and said he would also not support further devaluation of the Naira.
He said: “I don’t agree on devaluation of the Naira 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.”
“What we need to do is to start spending more on the economy and then things will ease up a bit”.
He observed that the issues around the economy were no exact sciences, stressing that “what is important is to be reasonably flexible in dealing with them”.