President Muhammadu Buhari has insisted that he will not approve further
devaluation of the Naira. The President said that Nigeria, which is not
an exporting nation, would be worst hit if the Naira was devalued.
President Buhari while contributing to a Presidential Panel Roundtable
on Investment and Growth Opportunities at the opening session of the
Africa 2016: Business for Africa, Egypt and the World at Sharm El-
Sheikh, Egypt, noted that only the Western countries, with lots of items
to export, could benefit from the economic measure.
The President asked Nigerians, who have developed taste for foreign luxury goods, to continue to pay for them rather pressure government to devalue the Naira. The President said, "Developed countries are competing among themselves and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?"
The President asked Nigerians, who have developed taste for foreign luxury goods, to continue to pay for them rather pressure government to devalue the Naira. The President said, "Developed countries are competing among themselves and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?"
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