Devaluating Nigeria's Currency is never a Solution

Reports from Vanguard yesterday stated that the Vice president of Nigeria Yemi Osinbajo said to solve the present poor economic performance would not be resolved as a result of devaluating our currency. The Federal Government has plan to set up a $25billion infrastructural fund ,it would be sourced from international and local sources. Canadian high commissioner in Nigeria Mr perry John and Italian ambassador was in a closed meeting with the Vice president and what he said

“I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy. He advised we should invest more in the economy and things would turn up for good gradually.

The Vice President disclosed that already other sovereign wealth funds have indicated interest in the fund which would be used to address the nation’s decaying road, rail and power infrastructures.
    The Vice President also reassured investors who already have contracts and loan commitments that the federal government would work with the Central Bank of Nigeria to protect legitimate businesses from being affected by the current foreign exchange restrictions.