The All Progressives Congress, APC, has criticized the Central Bank Of Nigeria, CBN, for the devaluation of the Naira, describing the development as not healthy for Nigeria’s economy.
Speaking to newsmen in Abuja on Wednesday, Lai Mohammed, National Publicity Secretary of the APC said that the devaluation of the currency has its implications on the people and the economy.
“When the currency is devalued, it is the worst thing that can happen to any nation. 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. It also means that very soon, cost of living will go up,’’ Mohammed said.
Mohammed said that the party had always warned government about the implication of its economic policies, also calling on the government to diversify the economy.