Ben Murray-Bruce has reacted to the calls from the European Union officials to devalue the naira as part of measures to tackle the economic recession.
A Nigerian business magnate and politician has taken to his Facebook page to express his opinion on the issue on Wednesday, October 5:
If the European Union want Nigeria to devalue our currency, which is already at ₦475 to $1, further, then they should supply coffins for Nigerians that will die as a result!
How do they want people living on ₦18,000 a month to survive? Even the dogs and cats in Europe exist on more than that!
Earlier this week he also shared his latest video series where he speak on practical solutions to Nigeria’s recession.
The Nigerian Naira on Wednesday, October 5, has remained at N476/$1 in the black market as it was yesterday, October 4.
This would leave Naira’s black market value unchanged since it dropped 1 point from N475 to trade at N476 by midday yesterday.
Menwhile, the International Monetary Fund (IMF) has projected that
Nigeria’s economy will be out of recession in 2017 .
According to IMF, the economy will grow by 0.6% next year adding that it is projected that the recession will outlast 2016 with a Gross Domestic Product (GDP) contraction of 1.7%.

Talk on the padded budget Mr.

Silverbird group went into recession before Nigeria and dis talkative hasn't been able to explain how he mismanaged and owed 11billion.

The same set of people who joined hand to loot us constitutionally now pretending to be analysts. This man couldn't manage a govt asset, mismanaged his own asset and is trying to analyse for us.

Bruce a business magnate?? ?

With 11bn what did he achieve??

This is the true value of our currency lets accept that as a fact (its even still over priced)

Have u ever wondered why foreign goods seem cheaper even as they pay there workers far more??

At least now local goods and raw materials will be cheaper than impprted ones

No African leader can get half smart of the economics wizards at IMF or EU.we ll try but always fall exactly where they wanted us to be.

The CBN/FG should look for a way to properly float the currency. With black market price at N475 and interbank at around N310, we are back to exactly the same point we were when dubious individuals received forex from CBN/banks, hoarded the forex (to increase the price by speculations) and then return to the black market to sell same.