Emir of Kano Muhammadu Sanusi II believes Naira has already been devalued – Sanusi’s remarks comes against the backdrop of President Muhammadu Buhari refusal to devalue the currency of Nigeria – Sanusi says FG needs clarity of thinking in the handling of the foreign exchange policy The argument about devaluation of naira is misunderstood because the naira has already been devalued, this is according to the Emir of Kano Muhammadu Sanusi II.

Speaking with BBC Africa on Business Report, Sanusi was quoted saying: “This argument (on devaluation) I think has first of all been framed wrong, it’s not an argument about do we devalue or do we not devalue. The naira has already been devalued. “What is the value of the naira? It’s what you can get for it, what you can get for the dollar in a free market between a willing buyer and a willing seller – and it is not 197. “All that is happening is that the government has chosen to sell its own dollars at a subsidised rate to the private sector.

That’s what is happening. So, if you’re lucky, you’d get something worth N300 for N200 and you save N100. “For every $1 billion that the central bank sells, it has transloaded N100 billion to the private sector – that’s what is happening. Read More @ http://www.newstoner.com/naira-has-been-devalued-sanusi/

Ok

So why is Bubu shying away from reality

Hmm

The coward is scared of criticism
We already know this regime will be full of blames,failures and disappointments

Call me a wailer,proud to be

shameseun:


Because he does not understand how currency devaluation works and the indices to look out for. He thinks currency devaluation as just a product rather than a process.

Nigeria should brace up for the "best" with a leader like Buhari...
(Trying to be positive)...
Thanks...

Hmmm

.......... PMB is doing his best but can a leopard really change his color?.......

What do you expect from a dullard who failed Economics and Mathematics even at a forged result..
Didn't I warm u guys??