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LAGOS. — Nigeria’s main opposition party, the All Progressives Congress (APC), on Wednesday criticised the government for its move to devalue the country’s currency naira, saying the policy would hurt the national economy which depends heavily on imports.
Oil prices have lost a third since June, putting pressure on naira which devalued 6.7 percent this quarter.
The Central Bank of Nigeria said Wednesday that it has devalued the naira, setting the new official exchange rate at 168 to the dollar from the previous rate of 155, citing falling oil prices as the trigger.
The move has drawn criticism from APC, whose spokesperson Lai Mohammed told a news conference Wednesday in Abuja that the devaluation of currency had implications on the people’s well- being and the economy.
“All it means for a country like ours, which is import dependent, is that more naira will be needed to buy raw materials and machines,” Mohammed said. — Xinhua
Online Reporter