News  

CNPP lauds Buhari’s decision on Naira devaluation

naira-notes

Money

THE Conference of Nigerian Political Parties (CNPP) yesterday joined other Nigerians in commending President Muhammadu Buhari for opposing a further devaluation of the Naira,

CNPP, in a statement by its National Publicity Secretary, Mr. Osita Okechukwu commended President Buhari for putting in place measures that has stabilised the Naira.

It noted: “We are commending Mr. President because stabilization of the Naira through tighter restrictions on access to foreign exchange will conserve foreign reserves, which is our common wealth, and hence stem round tripping, speculation and illicit financial transactions by rent seekers.

“Whereas, we agree that pro-people economic policies like the Single Treasury Account, ban on commercial banks to stop accepting foreign currency cash deposits and to pay dollar purchase within 48 hours in advance and exclusion of 41 items access to official foreign exchange market will hurt in the short run; however, state intervention in the midst of the dwindling oil revenue will pay off in the medium and long run.

“It is our considered view that retreat of the state as is being advocated by JP Morgan and portfolio speculators, in the midst of scarce foreign exchange will create fierce struggle for few dollars in the marketplace and dangerously depreciate the Naira, especially when oil remains our main foreign exchange earner.

“To be candid, which products will the devaluation of the Naira further to say N500 per $1 induce its export? None, for as Professor Sam Aluko of blessed memory said, ‘The Nigerian economy is not yet modernized or capitalized economy, even though the ongoing reform programmes try to run a capitalist economy, without capital… A largely informal economy does not require reform, it requires tendering, nurturing and propelling by the State. It should not be left alone to the whims and caprices of a nebulous philosophy of free market, free enterprise and global competition.”



1 Comment
  • mr mark

    WELCOME TO GREAT ILLUMINATI. Are you a business man or an artist,
    Politicians and you want to become big, Powerful and famous in the
    world, join us to become one of our official member today we offer the
    member after the initiation the sum of USD 20 million.you shall be given
    an ideal chance to visit the Illuminati and his representative after
    registrations is completed by you, no sacrifice, or human life needed,
    Illuminati brotherhood brings along wealth and famous in life, you
    have a full access to eradicate poverty away from your life now. it
    only a member who is been initiated into the church of Illuminati have
    the authority to bring any member to the church, so before you contact
    any body you must be link by who is already a member, Join us today and
    realize your dreams. we also help out our member in protection of drugs
    pushing, once you become a member you will be rich and famous for the
    rest of your life, Illuminati make there member happy so i will want you
    all to also be a member of the Illuminati Thanks. contact this email
    greatilluminati090@gmail.com OR call us on +2349038303518.,,

Related