President Muhammadu Buhari has disclosed that amidst the Central Bank of Nigeria’s growing struggles to keep the naira at current levels, he would not direct that the naira be devalued further.



The Central Bank of Nigeria had devalued the naira in November last year and February this year.

The nation’s revenue has been hit hard by the fall of global crude prices, and the CBN has imposed increasingly strict foreign exchange rules to save the external reserves and avoid what would be the third devaluation in one year.

“I don’t think it is healthy for us to have the naira devalued further,” Buhari said in an interview with France 24.

“That’s 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,” he said.

The naira had fallen to as low as 242 per dollar on the parallel market in July, versus the official rate of 197. It has lost around 15 per cent against the dollar over the past year, with the official devaluation in November and a de facto one in February.

In June, the CBN restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.

The stringent restrictions have not gone down well with investors, who have called for a relaxation.

Last week JP Morgan threatened to remove Nigeria from its influential emerging markets bond index by the end of October, citing a lack of liquidity and the central bank’s currency restrictions.

The external reserves fell by three per cent to $30.69bn by September 14, from $31.63b a month earlier, central bank data showed on Wednesday. The reserves were down 22 per cent from a year earlier.

The CBN has been trying to support the local currency, selling dollars to bureau de change operators twice weekly in a bid to narrow the gap between the official and unofficial exchange rate.

The bank cancelled the auctions in February.








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sai buhari

that's my presdo working,

long live PMB,
long live Osinbanjo,
long live Ajasbaba

Oya na wailers, food dey here o

Good move!
Sai Buhari