The Central Bank of Nigeria, CBN on Saturday rejected the call by the Emir of Kano, Mallam Mohammed Sanusi II for further devaluation of the naira.
The Kano Emir had on Friday called on the Federal Government and the CBN to further devalue the naira and remove fuel subsidy.
“It is wrong to continue with the fuel subsidy. It is wrong to continue to pretend that you can keep the naira at a certain level, when the price of oil is falling, without depleting your reserves. You have to make a choice,” he said.
However, speaking at the Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, the Deputy Governor, Corporate Services Directorate of the CBN, Mr. Adebayo Adelabu dismissed Sanusi's call.
He said that the official position of the CBN on the matter is that
"... there will not be any further devaluation of the naira.
“We have made the official position known to the public. There could be comments from various quarters of the economy but we have made our official position known”, he said.
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