Vice president, Yemi Osinbajo has said that the federal government will not consider further devaluation of the Naira because it will not help the economy.
Osinbajo made this statement when he received the Ambassadors of Italy Mr. Fulvio Rustico and the Canadian High Commissioner in Nigeria Mr. Perry John Calderwood in his office at the presidential villa, Abuja.
He said “I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy.
“What we need to do is to start spending more on the economy and then things will ease up a bit.”
He revealed that federal government plans to set up $25 b Infrastructural Fund which would be sourced from local and international sources including Nigeria’s Sovereign Wealth Fund.
He said “I am not sure devaluation is the issue, but how to ensure foreign direct investment which is more useful.”
He also added that the current foreign exchange restriction is a temporary measure to ensure that “we don’t deplete our foreign exchange substantially.”