Warning: International Monetary Policy May Further Devalue Nigeria Currency
The Nigerian Labour Congress has warned that following the new IMF policy may depress the Nigeria Currency further.
They argued that embracing the policies would lead the nation to a situation where a U.S. Dollar would exchange for more than N600.
Labour, under the Association of Senior Civil Servants of Nigeria (ASCSN), at its 4th Quadrennial Delegates Conference, in Abuja, called on the Federal Government to rise up to the occasion to defend the Naira through a well-coordinated approach.
President of the ASCSN, Bobboi Kaigama, in his remark, noted that with the numerous sources of inflow of foreign currencies into Nigeria that if well-tapped and managed could shore up the value of the Naira.
He said the dire strait the country found itself with regard to the value of the Naira could best be addressed by financial wizardry, sheer genius in economic statecraft, fiscal discipline, good savings habit, economic rebirth and transformation, which ultimately calls for curbing waste, profligacy and fastidious discipline.
He said: “The exchange rate of N450 to a Dollar is a criminal conspiracy against the Nigerian people. No meaningful development can take place under this outrageous exchange rate regime. Things cannot continue like this else we are all doomed.”
Kaigama, who maintained that the time to defend the Naira is now, said the allocation of available Dollars should be made to the productive sectors most especially the industrial sector.