Onasanya, First Bank CEO advocates Naira devaluation

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The Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Bisi Onasanya, has said that Nigeria needs to let the naira devalue as foreign-exchange trading restrictions used to keep the currency stable are starting to harm growth in Africa’s largest economy.
Onasanya who spoke during an interview at a Bloomberg conference at the Nigerian Stock Exchange in Lagos Thursday, said that “People just don’t believe the Central Bank of Nigeria (CBN) has what it takes to sustain the exchange rate at the present level.
“The market needs to reopen. You cannot peg the naira at a level that the …Read More

Source:: New Mail