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Why Naira Can’t Be Devalued Now -Oshimhole
President of Nigerian Navy Officers’ Wives Association (NOWA), Mrs Theresa Ibas (4th left), inaugurating the new NOWA office Block at Borokiri Market in Port Harcourt, yesterday. With her are other national and state officials of NOWA.
The Governor of Edo State, Comrade Adams Oshiomhole, yesterday in Lagos defended the Federal Government’s refusal to devalue the naira.
Oshiomhole said while delivering a keynote address at the maiden edition of the Cable Colloquium that the government’s position was to pull speculators out of business.
The colloquium was entitled: “The Naira on Trial: To Devalue or Not? ‘’
According to him, a history of devaluation of the nation’s currency since the Structural Adjustment Programme (SAP) has not benefitted the economy in any guise.
“The first time the concept of devaluation was introduced to us by the International Monetary Fund (IMF), it generated a national debate.
“Chief Olu Falae lectured us about the beauty of devaluation. When you devalue, the price of imported goods will go up, the capacity to consume will drop, and total outflow of forex will be less.
“Nigerian goods will become cheaper, importation will be less and exportation will be more. This will lead to more foreign exchange and will shore up our foreign reserves,’’ Oshiomhole said.
The governor, however, noted that devaluation had never translated to an approximate increase in exported goods because of “Nigerians’ appetite for foreign or imported goods.’’
He argued that available statistics from the Central Bank of Nigeria (CBN) showed that “the thesis that if we devalue, we will export more, cannot be supported.
“The real critical question is – will devaluation curb our appetite for imported goods? I am unable to find gains in devaluation,’’ Oshiomhole said.
He said that currency speculators were the ones manipulating the naira, and exerting pressures on the CBN to devalue it, for their selfish gains.
He explained that the nation was dealing with pure speculations and assumptions on the nation’s currency because a few profit from such manipulations of the exchange rate.
“Some people are speculating on the naira; just manipulating the naira for their selfish ends. This is how a section of the business community make their money,’’ Oshiomhole said.
The former labour leader said that the Nigerian worker had been trapped as a result of the actions of currency manipulators.
He called on well-meaning Nigerians to support the forex policy of the CBN and the stand by the Federal Government not to devalue the nation’s currency.
Nobel Laureate, Professor Wole Soyinka, has called on Nigerians to reject silence in the face of extrajudicial killings and other abuses of human rights.
Soyinka stressed that accountability and civic courage remain essential to rebuilding public confidence in the nation’s institutions.
He made the call during the 28th Wole Soyinka Lecture held in Port Harcourt, last Friday as part of activities marking his 92nd birthday.
The lecture, themed “Reclaiming the Nigerian State through Accountability, Justice and Civic Courage,” drew participants from different sectors of society.
The renowned playwright and human rights advocate said the country’s greatest tragedy was not only the unlawful killings carried out by state and non-state actors, but also the silence that often follows such incidents, allowing perpetrators to evade justice.
According to him, indifference by citizens to abuses of power and violations of fundamental human rights has contributed to the persistence of extrajudicial killings and other forms of injustice across the country.
Soyinka said he dedicated this year’s lecture to victims of unlawful killings, noting that the event was intended to honour individuals who had lost their lives as a result of failures within the justice system and society’s inability to protect the sanctity of human life.
He stressed that the lecture was dedicated to what he described as the basic unit of every society – the human being, and urged Nigerians to place greater value on human dignity irrespective of ethnicity, religion or social status.
The Nobel Laureate recalled several incidents of violence, including the fatal shooting and killing of a young man in Ugheli in Delta State by a police officer, and the mob killing of Deborah Yakubu in Sokoto State sometime ago, lamenting that many of those responsible are yet to face justice.
He expressed concern that some perpetrators of violent crimes had openly admitted their actions without fear of prosecution, describing such situations as evidence of serious failures within the nation’s justice system.
Soyinka maintained that when justice is delayed or denied, public confidence in state institutions continues to erode, thereby encouraging further violations of human rights.
Responding to critics who accuse him of promoting religious or ethnic divisions whenever he spoke on such issues, Soyinka dismissed the allegations and pointed out that his advocacy has always centred on the protection of human life and the rule of law.
He urged Nigerians to remain vigilant and continue demanding justice in cases of alleged extrajudicial killings, including the recent shooting of a young man by a police officer, stressing that every life deserves equal protection under the law.
The literary icon also recalled an earlier pledge by a past incoming president to make public the files relating to unresolved assassinations and extrajudicial killings, questioning the status of the promised investigations.
He challenged citizens to continue asking questions about unresolved cases, insisting that justice, accountability and respect for human dignity are indispensable to building a peaceful, democratic and inclusive Nigerian society.
The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire at Terminal 2 of the Murtala Muhammed International Airport, Lagos, contrary to its earlier advisory.
Earlier yesterday, FAAN had announced that a fire incident had occurred at Terminal 2 of the nation’s busiest airport, and assured that its Aerodrome Rescue and Firefighting Service had been deployed to contain the situation.
There were also reports that activities were briefly disrupted at the airport yesterday after smoke was seen inside parts of the terminal.
Videos circulating online showed passengers kept standing outside the terminal while firefighters responded to the incident.
However, in an update issued less than two hours later by the Director of Public Affairs and Consumer Protection, Henry Agbebire, and posted on FAAN’s official X handle, the authority said preliminary findings showed that the smoke seen at the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
“Further to our earlier advisory regarding the incident at Terminal 2 of the Murtala Muhammed International Airport, Lagos, the Federal Airports Authority of Nigeria (FAAN) wishes to provide the following update,” the statement read.
“Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated,” FAAN stated.
The authority said normal operations had resumed at the terminal while investigations were ongoing to determine the cause of the incident.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident,” the statement added.
The authority thanked passengers, airlines, airport users and other stakeholders for their understanding and cooperation.
FAAN appreciated the understanding and cooperation of passengers, airlines, airport users and all stakeholders, and reiterated its commitment to the safety and security of all airport operations.