Union Cautions CBN Against Naira Devaluation

The Association of
Senior Civil Servants of Nigeria (ASCSN) has called on the Central Bank of Nigeria (CBN) not to heed to pressure and devalue naira currency.
Speaking to newsmen in Port Harcourt on Wednesday the Secretary General of the union, Comrade Alade Bashir Lawal said the union totally agreed with the current leadership of the country that the devaluation of the currency cannot reap anything good for the country being an import dependent country.
Lawal said the country is not reporting any product for now and endear no dividend to allow the currency to hit the roof top stressing that devaluation will only succeed to send majority of Nigerians into poverty without basic necessities of life for them.
He said Nigerian workers would be the worst hit if naira is devalued as salaries would deplete through the loss of its purchasing value.
He urged the CBN to look inward in solving the country’s economic problem through the enforcement of effective monetary regulation policy to stop financial leakages and also adopting global best practices in generating more revenue to address the nation’s challenges in the face of dwindling oil revenue.
The union scribe said Nigeria economy is not in any bad shape despite the current challenges.
He called upon the federal government to formulate policies that will improve the living condition of Nigerians and the economy as promised through the change mantra.