Naira is Overvalued Says Emir Sanusi

Muhammadu Sanusi II, the Emir of Kano, has stated that currently the naira is overvalued and doesn’t reflect its worth.

He said if the policy were implemented to allow market forces and have the Naira to find its true level, Nigeria would attract inflows of foreign exchange, which will be very vital in finding the solution to the current challenges facing the economy.

[ads-post]

He said “only profit and safety in the economy could drive investment flows and that if the economy receives a greater inflow of dollars, it will correct most of the troubles that have come with all the failures that had been seen so far. This would also make the market begin to see a gradual narrowing of the gap between parallel and interbank exchange rates,

He spoke at the public presentation of Funmi Oyetunji’s book, ‘A Conscious Life’ in Lagos on Wednesday, the 21st day of September 2016.