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Devalue Naira, Remove Subsidy And Kill Nigerians

Devalue Naira, Remove Subsidy And Kill Nigerians

By Editor

IMF Africa Director  Mrs. Antoinette Sayeh  criticizes Nigeria’s forex restrictions, saying they hurt economic activities and the private sector. She wants Nigeria to review these restrictions and let the exchange rate adjust.

  Naira devaluation is a major threat to Nigerians’ prosperity. Sayeh notes that restrictions make it hard for people to buy essentials like milk at affordable prices.   The IMF and others, including JP Morgan, push for Naira devaluation. Former CBN Governor Lamido Sanusi supports devaluation and removing fuel subsidies, saying Nigeria can’t keep pretending the Naira is strong.   Sanusi wants to protect economic growth but overlooks the risks of unchecked Naira decline. CBN’s policy has lost control of inflation, now above 10%.   Reducing interest rates won’t help if excess money supply fuels inflation. Devaluation will make imports costlier, worsening poverty and social issues.   Nigeria’s reserves are around $30bn, but devaluation advocates ignore past stability with lower reserves. Further devaluation and subsidy removal will deepen poverty. SAVE THE NAIRA! SAVE NIGERIANS! Also Read: President Trump Denies Ceasefire Between Israel and Iran

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