By: Mayen Etim
KADUNA, North-West, Nigeria – A group, Coalition of Northern Youth Groups, (CNYG), has carpeted Nigeria’s Vice President, Professor Yemi Osinbajo, on his recent call for further devaluation of the Naira by the Central Bank of Nigeria, (CBN) for an economic benefits.
Even as CNYG vowed not to allow anybody to use his or her office to project unpopular polices that will plunge Nigerians into further poverty, the one the masses are faced with is enough; adding that further devaluation of Naira means more poverty, more insecurity, more restiveness and more death in the land, hence, “We say NO to devaluation of Naira.”
A statement signed by the group’s Convener, Mallam Yusuf Amoke, made available to the media on Wednesday, said it was obvious that there is no magic the CBN Governor, or any other person can do to improve on the economy because it is an importation economy, where there is less dollar within the system, rather high demand to import and go for medical and educational tourisms.
The group posited that instead of castigating the CBN Governor, he should be hailed for keeping the monitory system afloat despite overwhelming pressures on the dollar.
CNYG further stated that the Naira has lost its value so much such that it does no longer have exchanged value compared to other currencies in Africa, most especially our neighbouring countries that we were once better off.
CNYG called on President Muhammadu Buhari, not to contemplate bringing back the Economic Management Team (EMT), headed by the Vice President, for any purpose, because he is a good lawyer but a bad economist.
“We have carefully listened to the position of the vice president and we have critically analysed his positions on monitory polices.
“His position are limited seeing to the fact that he is not an economists but a lawyer, if the path of the vice president were to be taken, soon the Naira will be no where to be found.
“In his presentation and opinion, he opined that the CBN should further devalue the Naira for an economic benefit we are yet to understand.
“He stressed that for us to get dollar inflow there is need to devalue the naira to as much as the market determines, which in our opinion is a show of complete ignorant of the economy and its operations. Currencies are devalued where there are things to export from a country in other to make goods and services cheaper to foreigners whom will bring in dollar, if not, it be a temporary enjoyment.
“The VP president made it clear that unemployment, loss of jobs and poor foreign investment inflow are a result of exchange rate. Which in our view, these items most especially unemployment and loss of jobs have little or nothing to do with exchange rate. And it shows the VPs lack of grasp and good understanding of the economy.”
The statement noted that, “The vice president was the chairman, National Economic Management Team Committee from the beginning of this government up until it was recently dissolved by the President.
“This action of Mr President must have had a lot to do with the poor understanding of the Vice president. To buttress our point, during the period of his lead of the team, dollar was devalued a number of times either deliberately or forcefully by elements of the market, and surprisingly there has been no economic prosperity to commensurate the devaluation of the currency, instead the economy keeps biting harder.
“This is because its only oil that brings dollar into the system and unfortunately the subsidy regime and the importation of refined products, further takes away dollar that is supposed to support the economy.
“If Mr. Vice President thinks certain things are wrong with the mode or interventions by the CBN, there should be referral to the laws guiding the activities of the bank with respect to those MDAs.”
GNYG stated its position as follows: “It is on this basis that we call on Mr. Vice President to keep that opinion of his to devalue the naira to himself and allow the CBN governor and other sister agencies to keep doing what they can to help the economy.
“The Vice President should keep quiet and allow economies do there job. He is only but a lawyer in this sphere.
“Mr. President should encourage the position of the CBN governor not to devalue the naira, but instead create ways that will strengthen the currency.
“Mr. President should distance the VP from commenting and or interfering on anything that has to do with the economy of this country because he has over the time proven to be a bad economist,” the statement reads.