Further Naira Devaluation Unhealthy, Says Buhari

Muhammadu Buhari

President Muhammadu Buhari has expressed his opposition to further devaluation of the naira. Speaking in an interview with France 24 on Wednesday, Buhari said it is unhealthy to further devalue the currency.

“I don’t think it is healthy for us to have the naira devalued further. That’s why we are getting the Central Bank to make modifications in terms of making foreign exchange available to essential services, industries, spare parts, essential raw materials and so on, but things like toothpicks and rice, Nigeria can produce enough of those,” Buhari said.

The Central Bank of Nigeria has continued to tighten access to foreign exchange in a bid to shore up the value of the naira, which has continued to dip since the slide of global crude prices last year. In June, the CBN restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.

Source:reuters.com

 

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