Further Devaluation Will Worsen Poverty, Unemployment, Expert Counters Osinbajo
The president of the Association of Capital market Academics and Nigeria’s first professor of capital market, Uche Uwaleke has said the Naira has suffered several devaluations in the recent past, and doing so yet again is a recipe for high poverty and unemployment levels.
Uwalake was reacting to the comment of Vice-President Yemi Osinbajo who called on the Central Bank of Nigeria to allow the Naira reflects the realities of the market.
Uwalake in a swift reaction said, devaluing naira would affect the 2022 Appropriation Bill, as the budget, which was predicated on four hundred and ten naira fifteen kobo per dollar is dead on arrival.
He said that the policy if considered, would trigger panic buying and speculation in the forex market, having a negative impact on pump price of fuel and multiplier effect as well as giving rise to further inflation which he said discourages investment.
