The interactive session with stakeholders, organised by the Central Bank of Nigeria has just been concluded.
The vice-president of the Industrial Global Union, Comrade Issa Aremu, while speaking at the one-day interactive session with stakeholders on the five-year policy trust of the Central Bank of Nigeria which held in Kaduna, stated that it is false economics for currency to depreciate in a developing economy like Nigeria.
The frontline labour union has commended the Central Bank of Nigeria for the measures in remittances which is aimed at making Nigerian currency add up in value.
Recall that recently naira reversed its depreciation in the financial market, which made increase in value by #20 against the United States Dollar. This made naira to value at #470 per dollar.
The increase in naira has made the beneficiaries of diaspora remittances to be able to receive remittances into domiciliary account, and receive the proceed in foreign currencies.
He as well commended the CBN’s Monetary Policy Committee ( MPC) for refusing the temptation to adopt speculative parallel rule. According to him the value of the Nigerian currency can best be measured by market fundamentals.
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