Arewa forum reacts to naira devaluation advice given to CBN by Osinbajo

Arewa forum reacts to naira devaluation advice given to CBN by Osinbajo

PRESS STATEMENT BY THE BETTER AREWA FORUM (TBAF) ON THE NAIRA DEVALUATION ADVICE BY VICE PRESIDENT YEMI OSINBAJO TO CBN

Our attention has been drawn to an open advice by VP Osinbajo to the Central Bank Governor Godwin Emefiele to devalue our national currency – the naira, based on “personal beliefs”.
VP Osinbajo was reportedly
Speaking at the midterm retreat of President Muhammadu Buhari’s second tenure, when he gave this shocking advice.
The VP was reported to have said that the exchange rate is artificially low, and this is deterring investors from bringing foreign exchange into the country.
The last time we checked, the VP is not an economist by any stretch of imagination. Secondly, with the present state of our national economy, isn’t it highly dangerous to start a policy reversal from nowhere? Our stand is therefore as follows:

1. The VP should not work against a system that made him what he is, in the pursuit of his unbridled 2023 plans.
2. The VP should know that going through the backdoor to pull down the system will be totally unacceptable to us as Northerners who have been getting legitimate access to CBN support for agricultural loans and other forms of support for our farmers.
3. Every Nigerian is aware that insecurity is the real problem giving a deadly blow to the survival of the naira and not ” artificially low” value placement. This argument of “artificially low” value does not sound sensible to even a novice. With the growing security challenge in the country, everyone knows that most investors would like to pause for a while before pumping their resources in any part of this country, because of the activities of bandits, IPOB and Ighbohos of this nation. It is a straight jacket, that insecurity is responsible for the fall of the naira and not some imaginary “artificially low value”.
4. We, as Northerners, feel greatly concerned that any artificial tinkering with the current economic situation of the country by Osinbajo, on the premise of a personal belief would worsen the economic gains of the current administration, thereby amounting to something like a stab on the back.
5. We call on the VP not to veer into an area he knows little or nothing about, especially given the current situation of the country. We are in a period of working for solutions to current problems and any further confusion is unacceptable.
6. We are yet to fully recover from the unexpected sack of a prominent Northerner as DSS boss, by the same VP and we will therefore not support a repeat of such a rash decision premised on personal belief rather than professional knowledge.

*Conclusion*
It is evident that already, the country is struggling with a multiplicity of problems and cannot afford new and avoidable ones at this point. Let wisdom prevail over rash decisions. We have done our duty – warning against a potentially regrettable decision.

Signed

Alh Abdulmalik sani