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Devalue your naira to tackle recession, says eu

Devalue your naira to tackle recession, says eu

DEVALUE YOUR NAIRA TO TACKLE RECESSION, SAYS EU

BY OMOKHUALE PUAH

A part in the European Union (EU) has advised the Nigerian government to devalue its Naira, so as to tackle its Economic recession.

This was disclosed by a Councellor, Head of Trade and Economics Section of the EU, Fillippo Amato on Monday, in an interview with journalists.

It had been noted that the naira which currently trades between 311 and 475 to dollar at official and black market rate, accounts for a 100 percent increment in value since the Central Bank of Nigeria (CBN) removed its Peg on naira.

Following reports from the News Agency of Nigeria (NAN), the EU official said that recession could not be addressed by traditional tools.

Amato said that recession is a recent development which was caused by a great number of factors which includes falls in oil prices and resurgence of military in Niger Delta.

He stated in his words “for Nigeria to come out of recession, brave decisions must be taken by the country regardless of how unpopular they may be, such as ‘effectively devaluing the naira’.

“Naira devaluation is a great measure which will finally reassure investors and attract new capitals to the country”. He said.

“Devaluation would further help to reduce improve imports; removing artificial forex restrictions and removing potential scarce resources such as fuel subsidy.

“Improving security and ease of doing business are also key factors at which government must urgently work, so as to re-launch the economy” he added.

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