The Central Bank says it is not against
devaluing the naira, but says should it come, it will be on the strength
of a strong industrial policy.
Speaking at a Colloqium in Lagos, CBN's Director
of Monetary Policy, Moses Tule accused currency speculators of being
determined to put severe pressure on the monetary authorities in order
to ensure that the CBN further devalued the naira.
He said the apex bank will continue to manage
the economy and would do anything to protect it from economic predators
who want to make profit from devaluing the naira.
On his part, economic Analyst, Bismarck
Rewane said the upside of devaluation of the naira is that it will make
some imported goods be so expensive, leading to the emergency of local
substitutes which will stimulate domestic production.
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