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Professional groups reject naira devaluation

Professional groups under the name Association of Professional Bodies of Nigeria (APBN) rose from their national meeting in Abuja Tuesday with a call on President…

Professional groups under the name Association of Professional Bodies of Nigeria (APBN) rose from their national meeting in Abuja Tuesday with a call on President Muhammadu Buhari not to heed to calls for naira devaluation.
The president of APBN, Mr Foluso Fasoto who addressed journalists shortly after the meeting talked about the dwindling value of the naira, economy, aviation, energy, Treasury Single Account (TSA) and corruption.
“As we’re aware the economy of Nigeria is under pressure due to our foreign exchange rate – above N345/$.
“We as professionals believe that foreign exchange rate is simply yielding to the economic theory of demand and supply.
“Unless we stop our crave for imported goods, we shouldn’t be surprised if the US dollar, sooner than later exchanges for N1,000 to a dollar.
“We call on government to re-strategise, look inward – what are we going to do about industrialization? How are we going to increase our local productivity?’’

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