Ayo defends Jonathan's naira devaluation

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Former Senate member and Chieftain of the Peoples Democratic Party, Senator Ayo Arise, has absolved President Goodluck Jonathan of blames for naira devaluation.

According to him, the dwindling fortunes of oil price in the international market accounts for the fluctuation and should not be erroneously ascribed to President’s incompetence, as being flaunted by the All Progressives Congress.
Addressing journalists in Ado Ekiti on Friday, Arise who was the Chairman, Senate Committee on Privatization between 2007 and 2011, said the problem would remain except the country addressed its sole dependence on oil.
Arise said the currency devaluation was not new to Nigeria, saying it had become a global problem that cannot be taken as a local affair.
He said, “Currency devaluation is not new to Nigeria or any country across the globe. Between December and now, Euro has lost 15% value in the international market, naira as well. Even Russian currency, Ruby has lost same rate of value. So, it is a global issue that cannot be localised.
“Apart from countries like Saudi Arabia that have fixed oil prices in the international market, all other oil producing countries are suffering similar fate. They should stop politicising this issue ignorantly.”
Arise appealed to professionals in the financial market to speak up on the issue and prevent the polity from being heated up by unnecessary misinformation.
“Though, I quite appreciate the fact that the problem is universal, but it is fixable. Nigerians should expect a stable price soon. The Federal Government must look for a way to diversify the economy and remove us from this mono-economy being operated.
“But the rising cost of production of American Shale Oil would automatically push the price of Nigerian crude oil down so that we can compete in the market. This is part of the vagaries of business.
“In 2010, the price of oil dropped in the international market and people were panicking, but it was regularised sooner than later. It happens time- to –time and this should not be basis for Nigerians not to support President Jonathan,” he said.

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