World Bank MD arrives Abuja for talks on Naira – Nigeria Today

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From Isaac Anumihe, Abuja

MANAGING Director of World Bank, Mrs. Sri Mulyani-Indrawati, arrived Abuja at about 2pm yesterday on a three-day working visit to convince Nigerian authorities on the need to devalue the naira.

This is coming few days after the Spring Meetings of the International Monetary Fund (IMF) and the World Bank ended in Washington DC, USA, where global leaders converged to discuss common economic issues and proffer solutions.

But for Nigeria, one daunting task on the table was the devaluation of the naira, which President Muhammadu Buhari had repeatedly rejected on grounds that vulnerable Nigerians would be the worst hit.But several international organisations are still insisting that vulnerable Nigerians will not be affected if the nation’s currency is devalued.

The IMF for instance believes Nigeria’s economy is suffering from the impact of the sharp decline in oil prices, which makes naira devaluation imperative.
During the meeting in Washington DC, there were strong pressures by the World Bank to make Nigeria rescind its decision on naira devaluation.

It was perhaps against this backdrop that Mulyani- Indrawati arrived Nigeria to continue discussions with the president on the issue.

However, some economic analysts have debunked the claim of naira devaluation because according to them, President Buhari had consistently refused to devalue the naira to protect the poor.

The World Bank MD arrived Nigeria yesterday and was received by Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, and the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele.

However, a source from the Presidency told Daily Sun that the discussion today with the President will not be far from the devaluation of the naira because the bank started the discussion in Washington DC.