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Sanusi rejects IMF’s advice to weaken Naira

GOVERNOR of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, yesterday rejected an advice by the International Monetary Fund (IMF) to weaken the naira, saying the currency is not overvalued. Sanusi said in a televised interview with CNBC Africa, that with oil prices rising, the currency should not be “losing its value.” He said the IMF’s advice “is not based on sound economic logic.” The IMF had said in a statement on February 17 that the naira was overvalued and more exchange ...
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Added February 21, 2011
from Nigerian Compass