Sunday, August 19, 2007
World Bank Hails New Naira Policy
The World Bank has broken its silence on the new Naira policy introduced last week by the Central Bank of Nigeria (CBN). It hailed the policy and expressed its readiness to assist in its implication.
This is even as eminent Nigerian academics and economic experts continue to offer discordant opinions on what the new policy means for the nation's economy.
Mr. Isaac Aluko-Olokun, Dr. Osita Ogbu, Prof. Bolaji Aluko, Joshua Dogo and Tunde Odunlade were among those that examined the New Strategic For The Naira.
Acting Director of the World Bank in Nigeria, Ms. Sotirova Galina, who broached the Bank's offer, said on the telephone at the weekend that the intervention would, however, be dependent on Nigeria's request.
She said Nigeria was yet to inform the Institution officially about the new policy, which, she described, simply as a re-denomination of the Naira currency as opposed to the impression that the Naira had been revalued.
"The World Bank supports the new policy, which is simply a re-denomination of the Naira as against what some Nigerians think is a re-valuation of the currency. It's a good policy undertaken by several countries, which has recorded huge successes as can be seen in their growth," she said.
"However, the World Bank has not been briefed by the Nigerian Government officials about the new policy. We have only read it in the papers. If the Nigerian Government approaches us for intervention in the new policy's implementation, the Bank will be glad to assist.
"This is particularly so in the Bank's resolve to partner and support the new administration of President Yar'Adua in the implementation of his seven-point development agenda, she said.
She disclosed that some experts from the Bank's headquarters in Washington are due in Nigeria this week, to begin discussion with the new Government on support and partnership and might just be on time to advise Nigeria on the new policy.
If ever there was proof that this is an ill wind, it shows in the World bank's undue interest and premature willingness in supporting it.