The Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, has vowed to defend the Naira. He said he was prepared to use the nation's foreign reserve to ensure the currency's stability.
.
Briefing the newsmen at the end of the Monetary Policy Committee meeting in Abuja, yesterday, he said that the argument of those pushing for the devaluation of the Naira did not make any valid economic sense in an import-dependent country like Nigeria. Mallam Sanusi insisted that the CBN would stick to its position unless forced to do otherwise.
.
His words, "as far as the Naira is concerned, the CBN has always said that we are committed to its stability. I know there are some people who don't share that view. But I have not personally heard any economically valid argument as to the benefits of devaluating the Naira up to this point in time.
.
"It will not improve our export nor reduce our imports into the country. It will not improve our fortunes as long as our structural reforms have not been implemented.