Abubakar slams currency devaluation

Atiku Abubakar, former Nigeria deputy president

Atiku Abubakar, former Nigeria deputy president

from AUGUSTINE OSAYANDE in Abuja, Nigeria

ABUJA – FORMER Vice-President, Atiku Abubakar, has criticised the recent devaluation of Naira by the Central Bank of Nigeria (CBN) arguing the move would affect the unemployed and small business operators in the country.

“If you are a young Nigerian who does not have a job, CBN’s devaluation of
the Naira will likely affect you. If you own a small business, the interest rate hike will likely affect your business.

“Commodities like petrol and diesel are likely to become more expensive. Everything that is imported or needs imported raw materials is going to be more expensive,” Abubakar said.

Recently, CBN devalued the local currency after a weakening spell against the US Dollar.

He said his policy document was designed to ensure that Nigeria’s economy finally stopped its over-reliance on oil.

“Agriculture, small and medium scale manufacturing, Internet technology and services are the future if Nigeria is to become truly independent of oil.

“We will ensure that small business owners can find the funds improve their operations, put more money in the pockets of ordinary Nigerians and as a result, create more jobs,” the presidential aspirant said.

Abubakar assured youths jobs if elected in 2015.

– CAJ News





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Posted by on Nov 28 2014. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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