President Muhammadu Buhari has promised that the Nigerian currency would not be devalued under his administration.
This is in spite of the seeming struggle of the Central Bank of Nigeria (CBN) to avoid a situation where the naira would fall.
Speaking in an interview in France, Buhari said, “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.”
It would be recalled that naira had fallen to as low as 242 per dollar on the parallel market in July, versus the official rate of 197.
The Nigerian currency had also lost around 15 percent against the dollar over the past year with the official devaluation in November and a de facto one in February.