Experts worry over economy, differ on naira devaluation:

 
Economic and financial experts on Wednesday expressed divergent views on the latest decision of the Central Bank of Nigeria, but agreed that the economic crisis plaguing the nation had yet to be addressed.
The CBN’s Monetary Policy Committee had on Tuesday decided not to devalue the naira and left the Monetary Policy Rate, Cash Reserve Requirement and liquidity ratio unchanged at 11 per cent, 20 per cent and 30 per cent, respectively.
While some of the experts said they had expected a devaluation of the ailing currency, others hailed the CBN’s decision on the naira.The naira traded at 306 against the United States dollar at the parallel market on Wednesday, down from 305 on Tuesday.
A Professor of Financial Economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, who expressed surprised at the decision of the CBN, said, “The economy is extremely suffering now. I would have expected that they would have reduced the MPR and the CRR at least by 50 basis points.
“They should have devalued the naira a little bit so as to close the gap between the parallel and official market rates.”

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