Ben Bruce speaks on naira devaluation, economic recession

Ben Murray-Bruce has reacted to the calls from the European Union officials to devalue the naira as part of measures to tackle the economic recession. 

A Nigerian business magnate and politician has taken to his Facebook page to express his opinion on the issue on Wednesday, October 5:

If the European Union want Nigeria to devalue our currency, which is already at ₦475 to $1, further, then they should supply coffins for Nigerians that will die as a result!

How do they want people living on ₦18,000 a month to survive? Even the dogs and cats in Europe exist on more than that!

Earlier this week he also shared his latest video series where he speak on practical solutions to Nigeria’s recession.

The Nigerian Naira on Wednesday, October 5, has remained at N476/$1 in the black market as it was yesterday, October 4.

This would leave Naira’s black market value unchanged since it dropped 1 point from N475 to trade at N476 by midday yesterday.

Menwhile, the International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017.
According to IMF, the economy will grow by 0.6% next year adding that it is projected that the recession will outlast 2016 with a Gross Domestic Product (GDP) contraction of 1.7%.

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