ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home National

Osinbajo, ex-CBN gov disagree over naira devaluation 

28th February 2016
in National
0
Osinbajo, ex-CBN gov disagree over naira devaluation 
0
SHARES
95
VIEWS
Share on FacebookShare on Twitter

VICE President Prof. Yomi Osinbajo yesterday reaffirmed the position of the Federal Government that the country’s currency would not be devalued in spite of pressures to act otherwise.

But the former Central Bank of Nigeria (CBN) governor, Mr Joseph Sanusi, replied that delaying the devaluation was akin to postponing the evil day.

The positions were taken at a town hall meeting that the Vice President held with his co-tenants in the Victoria Garden City (VGC) on the Lekki-Epe axis of Lagos.

At the widely attended and thought-provoking event, Osinbajo insisted that devaluation was not on the table.

According to him, the CBN would operate in line with the speech delivered by President Muhammadu Buhari, after he was elected, to come up with flexible exchange rate to be supported by strong monetary policies.

He said that the foreign exchange policy of government was to stop unnecessary consumption of imported goods and promote local manufacturing.

Osinbajo also said that government met a falling revenue profile in May 2015, which was down by about 70 per cent compared to the same period of the preceding year.

He also said that in spite of the high cost of about $22 to produce a barrel of crude oil now selling at about $33 dollars, no fewer than 38 per cent of the foreign reserve was being spent on importing petroleum products.

Osinbajo said that the previous administration spent about N20 billion on food importations annually, which reduced the nation’s foreign reserve drastically from about $40 billion to about $25 billion.

However, Sanusi, a VGC resident, advised the government to either devalue the currency or stop the confusion between the official and parallel market exchange rates.

He said that allowing an official rate at N197 per dollar while the parallel market sold for over N300 was “distractive.”

Click Here>>>>>>7 Natural Herbs to Finally End Premature Ejaculation and Weak Erection<<<<<<

Click Here>>>>>>Anti-kidnap and anti-theft device for tracking and listening<<<<<<

sunnews

sunnews

Related Posts

Bandits release 3 kidnapped victims to Sokoto govt
National

Inferno: Gov. Fintiri sympathises with Sokoto Govt

21st January 2021
9.6m people download Germany’s coronavirus app
National

COVID-19: NCDC reports 1,386 new infections

21st January 2021
Biden’s Inauguration: CISLAC urges Nigeria, African leaders to strengthen public institutions
National

Biden’s Inauguration: CISLAC urges Nigeria, African leaders to strengthen public institutions

21st January 2021
Next Post
Ageless Victor Ezeji retires, says… 

Ageless Victor Ezeji retires, says... 

AFCON 2017 :   Siasia replaces Oliseh 

AFCON 2017 :  Siasia replaces Oliseh 

Church General Overseer commits suicide 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

COVID-19: NCDC reports 1,386 new infections

World powers hopeful for reset with U.S. as Biden takes office

Gambia signs agreement to protect rights of citizens in Switzerland

Biden’s Inauguration: CISLAC urges Nigeria, African leaders to strengthen public institutions

UEFA snubs Oshoala in Team Of The Year

AFCON qualifiers: Rohr reveals plans for Benin Rep, Lesotho

Trending

Bandits release 3 kidnapped victims to Sokoto govt
National

Inferno: Gov. Fintiri sympathises with Sokoto Govt

21st January 2021
0

  Gov. Ahmadu  Fintiri of Adamawa has sympathised with the Sokoto State Government and the victims of the inferno...

UK consulting firm urges African businesses to move beyond coping with COVID-19

Libya spends US$284m in 2020 to fight against coronavirus

21st January 2021
Final U.S. presidential debate: Biden promises citizenship for 11m undocumented immigrants

On first day Biden issues orders undoing key Trump policies

21st January 2021
9.6m people download Germany’s coronavirus app

COVID-19: NCDC reports 1,386 new infections

21st January 2021
Biden reiterates confidence in victory, urges calm

World powers hopeful for reset with U.S. as Biden takes office

21st January 2021
ADVERTISEMENT

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist