CSO Faults Sanusi Over Naira devaluation

Coalition of Civil Society Groups has faulted submission of the Emir of Kano‎, Sanusi Lamido calling for further devaluation of the Naira.

The coalition said in a briefing Tuesday in Abuja that such decision was anti-poor and could impoverish ‎the masses.

The former Central Bank of Nigeria CBN Governor ‎had maintained that devaluation of the Naira was necessary to save the nation’s economy aside from exploring non-oil sector of the economy.

President of the coalition, Comrade Etuk Bassey said it was important for Nigerians to allow the present administration implement some of its monetary and economic policies before being criticised.

Bassey said, “Should the Naira be devalued then it is a big slap on the face of millions of Nigerians that voted for a true change at the 2015 Presidential elections.

“Though we do not expect a quick miracle in the face of our dwindling economy but we appreciate the measures already taking by the CBN to ensure that we bounce back on time. The Sanusi Lamido Sanusi devaluation theory is uncalled for and should be rejected by all well-meaning Nigerians.”

However, the coalition urged the incumbent CBN ‎Governor, Godwin Emefiele and his teams to remain focused and continue with what they considered appropriate for the development of the economy.

“The devaluation of Naira will further increase poverty and suffering in the land,” he added