Abuja - President Muhammadu Buhari has reiterated that he will not devalue the naira, despite calls for the act to be implemented, Punch reports.
Speaking through a statement released by his Special Adviser on Media and Publicity, Femi Adesina, the President disclosed that Nigeria could not afford to devalue its currency because of the high volume of imports that come through Nigerian borders.
Also read: Nigeria struggles as Buhari wrangles with budget, naira
Buhari lambasted those putting pressure on him to carry out a devaluation, stating that people who have a taste for luxury goods should pay for them instead of attempting to influence him.
He added that food security remains Federal Government's core priority before the exportation of locally-produced goods.
Buhari has since expressed optimism that the nation will improve past the current state of its economy.
Read more at Punch
- News 24