Vice-President Yemi Osinbajo, hinted in a meeting with officials of Citybank, that the Federal Government will not support further devaluation of the Naira.
VP says no to Naira devaluation
The government would work with the CBN to ensure that legitimate businesses are not badly impacted by the current foreign exchange restrictions.
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
According to The Nation Newspapers, Osinbajo said “What we need to do is to start spending more on the economy and then things will ease up a bit.”
He also said “I am not sure devaluation is the issue, but how to ensure foreign direct investment which is more useful.”
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Adding that “he expects a bit more stability and direction in the next few months.”
The Nation Newspapers reports that the Vice-President also said that “the government would work with the CBN to ensure that legitimate businesses are not badly impacted by the current foreign exchange restrictions, especially those who have previous contracts and loan commitments.”
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