THE Conference of Nigerian Political Parties (CNPP) yesterday joined other Nigerians in commending President Muhammadu Buhari for opposing a further devaluation of the Naira,

CNPP, in a statement by its National Publicity Secretary, Mr. Osita Okechukwu commended President Buhari for putting in place measures that has stabilised the Naira.

It noted: “We are commending Mr. President because stabilization of the Naira through tighter restrictions on access to foreign exchange will conserve foreign reserves, which is our common wealth, and hence stem round tripping, speculation and illicit financial transactions by rent seekers.

“Whereas, we agree that pro-people economic policies like the Single Treasury Account, ban on commercial banks to stop accepting foreign currency cash deposits and to pay dollar purchase within 48 hours in advance and exclusion of 41 items access to official foreign exchange market will hurt in the short run; however, state intervention in the midst of the dwindling oil revenue will pay off in the medium and long run.

“It is our considered view that retreat of the state as is being advocated by JP Morgan and portfolio speculators, in the midst of scarce foreign exchange will create fierce struggle for few dollars in the marketplace and dangerously depreciate the Naira, especially when oil remains our main foreign exchange earner.

“To be candid, which products will the devaluation of the Naira further to say N500 per $1 induce its export? None, for as Professor Sam Aluko of blessed memory said, ‘The Nigerian economy is not yet modernized or capitalized economy, even though the ongoing reform programmes try to run a capitalist economy, without capital… A largely informal economy does not require reform, it requires tendering, nurturing and propelling by the State. It should not be left alone to the whims and caprices of a nebulous philosophy of free market, free enterprise and global competition.”

source>>> http://www.ngrguardiannews.com/2015/09/cnpp-lauds-buharis-decision-on-naira-devaluation/

Z

PMB, mean well for the nation.

Only enemies of the state will agitate for any kind of devaluation in an import dependent economy especially when the said economy is even earning less that its usual forex it employs for such importation...

Wailers, complaining from now till thy kingdom come will change nothing, we've committed to doing It pmb's way for the next four years,we did it pdp style for 16yrs & had nothing to show in the way of progress.

There is no way, things can be worse & no one should start the exchange rate nonsense... The black market is not the yardstick.

I don't like PMB. But I sure as hell respect him!! That respect just increased!!

The Wailers would still wail regardless. We are expecting a lengthy thread rich in references detailing what a bad decision it is refusing to devalue our currency.

Wonder why the thread hasn't been created yet.

Baba, you have you prayers and support as you work tirelessly day and night, trying to wriggle this country free from te throes of death.

God bless and preserve you my President.

It is pointless to subject our peculiar economy which is currently import-based and undiversified, to the dynamics of the free market with zero intervention.

In this era of reduced liquidity, emaciated foreign reserves and sinking oil prices...

....it's Buharinomics to the rescue. Wailers can take several seats.

Cc: Seun, Lalasticlala, FP pls... Tenk u..

To be candid, which products will the devaluation of the Naira further to say N500 per $1 induce its export?

But all economic discourse I watch on tv lately support devaluation.
Still confused on which side to hang on but with this above, seems Bubu's stance isn't bad considering Nigeria is an economy based on imports.