In an attempt to at least prevent the naira from further decline, Nigeria’s President, Muhammad Buhari has revealed that the Central Bank of Nigeria (CBN) has no plans to further devaluate the naira.
Buhari made this revelation during an interview session with France 24. According to him, it is unhealthy for Nigeria to further devaluate the currency.
He said,”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”.