Nigeria’ll Not Devalue Naira – Buhari | Independent Newspapers Limited
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Nigeria’ll Not Devalue Naira – Buhari

Posted: Sep 16, 2015 at 8:04 pm   /   by   /   comments (0)

By Ejikeme Omenazu, Lagos


President Muhammadu Buhari, who is on an official visit to France, has stated that the naira will not be devalued further. He also indicated the willingness of the Federal Government to negotiate with Boko Haram for the release of the abducted 219 Chibok schoolgirls.

Buhari, who was speaking with France 24 on Wednesday, maintained that further devaluation of the naira would be avoided as it would be unhealthy for the economy.

He said: “The naira has been devalued, it used to be around N160 (to a dollar), and now it is hovering around N200 and above, and I don’t think it is healthy for us to have the naira devalued further.

“That is 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.

“We don’t need to give our hard currency on that, but those who insist of having toothpick from Europe or from China, instead of using Nigerian toothpick, they can go and source their foreign exchange.”

The Central Bank of Nigeria has imposed strict control on access to foreign exchange as it hopes to build up the naira’s profile.

In June 2015, it restricted access to foreign exchange tor the import of 41 items only, ranging from rice and toothpicks, as stated by the President.

On the Chibok girls, Buhari said that plans were afoot to negotiate for their release but were hampered “because no one can be sure who is the genuine leader of Boko Haram.”