Emma Ujah, Abuja Bureau Chief
The Governor of the Central Bank of Nigeria, CBN, Mal Sanusi Lamido Sanusi, has vowed to defend the Naira and was prepared to used the nation’s foreign reserve to ensure the currency’s stability.
Briefing the journalists at the end of the Monetary Policy Committee meeting in Abuja, Tuesday, he said that the argument of those pushing for the devaluation of the Naira did make any valid economic sense in an import-dependent country like Nigeria.
Mal. Sanusi insisted that the CBN would stick to its position unless forced to do otherwise.
His words, “as far as the Naira is concerned, the CBN has always said that we are committed to its stability. I know there are some people who don’t share that view. But I have not personally heard any economically valid argument as to the benefits of devaluating the Naira up to this point in time.
“It will not improve our export nor reduce our imports into the country. It will not improve our fortunes as long as our structural reforms have not been implemented.
“My view and the view of the CBN is that if we will have to use some of the our serves to support the currency, we will. No central bank governor will say that he will support the currency at all and every cost but we want to be very clear in our minds and to the public that there is no country in the world that will allow its currency to be just determined by the market.