Emir of Kano says naira is already devalued

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Emir of Kano says naira is already devalued

The immediate past governor of the Central Bank of Nigeria (CBN),Muhammad Sanusi II, and the emir ofKano says the argument about devaluation of naira is misunderstood, stating that the naira has already been devalued.

Speaking to BBC, Sanusi said PresidentMuhammadu Buhariand the CBN are only subsidising the private sector by selling dollars at N200 as against the real market price.