CBN will not devalue the Naira- Acting gov, Alade

The Acting Governor of the Central Bank of Nigeria, CBN, Mrs. Sarah Alade, on Friday, assured that the bank has no immediate plans to devalue the Naira but prefers to intervene in the Foreign Exchange, forex, market until stability is achieved in the value of the Naira.

She told journalists at her maiden press briefing in Abuja that the bank had enough resources to defend the local currency and would use necessary tools to achieve monetary and price stability in the country.
Her words, “I wish to assure you that the bank has the capacity to meet the demands of all forex users.   Let me use this opportunity to assure all our stakeholders that the bank has no immediate plans to devalue the currency.

Financial markets on Thursday   reacted negatively to the news of the suspension of controversial former CBN Governor, Mallam Sanusi Lamido Sanusi, with the Naira falling from N162 ==$1 to as low as N170 ==$1 at the interbank market. It later bounced back to about N163.5 ==$1, following CBN’s intervention.

Mrs. Aalde described the development as an expected reaction but that her team would work assiduously to stabilize all segments of the forex market .

Don't arrest or harass Sanusi- Court tells Jonathan, EFCC, ICPC, DSS, others

The Federal High Court sitting in Ikoyi, Lagos has granted an order restraining Attorney-General of the Federation (AGF), Mohammed Adoke; Inspector General of Police (IGP), Mohammed Abubakar; the State Security Service (SSS); and all agencies of the Federal Government from arresting and detaining suspended Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi — or subjecting him to any form of degrading treatment.

Justice Buba Ibrahim granted the order, pending the determination of a fundamental human rights suit in which Sanusi complained of Thursday’s unlawful arrest, detention, and seizure of his passport.
Sanusi deemed the actions violations of his right to personal liberty, freedom of movement, and right to dignity of human person, as guaranteed under Sections 34, 35 and 41 of the 1999 Constitution.

He is represented by former Attorney-general of Lagos State, Professor Yemi Osinbajo (SAN), and Kola Awodein (SAN).
Justice Buba fixed Friday, 28th February 2014 as return date for the matter.