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Buhari rejects naira devaluation

29 January 2016, 14:08

Abuja - President Muhammadu Buhari declared late Wednesday in Nairobi, Kenya, that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira.

Speaking at an interactive meeting with Nigerians living in Kenya, President Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.

The president added that he had no intention of bringing further hardship on the country’s poor who, he said, have suffered enough already.

Likening devaluing the Naira to having it “killed”, President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.

Also read: CBN rejects Naira devaluation

The president also rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs), saying that the Bureau de Change business had become a scam and a drain on the economy.

“We had just 74 of the bureaux in 2005, now they have grown to about 2 800,” President Buhari noted.

He alleged that some bank and government officials used surrogates to run the BDCs and  prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.

- News 24


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