Speaking at the 44th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos at the weekend, Sanusi said that despite pressures from several quarters, he had no plans to devalue the naira, stressing that it was economically wrong to embark on such policy at this time.
Sanusi noted that the present fragile economy could not support exchange rate volatility, stressing that exchange rate volatility was potentially more harmful to the economy than all other control variables.
“Devaluation of the naira means there will be more money for the various governments to spend. This is wrong at this time. The argument that the naira exchanged N118 for one US dollar in 2008 is not tenable because there was no increase in non-oil exports,” he said.
There have been calls on the apex bank from several quarters to tamper with the current exchange rate regime where the naira currently exchanges N150 for US dollar. Some experts, however, argued otherwise, stating that it could lead to volatility.
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