The naira should not be devalued further, President Muhammadu Buhari said on Wednesday, despite the Central Bank of Nigeria’s growing struggles to keep the naira at current levels. 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. The central bank had devalued the naira in November last year and February this year. Despite the CBN’s uphill struggle to keep the naira from falling further, Buhari believes the naira must not be devalued. “I don’t think it is healthy for us to have the naira devalued further,” Buhari said in an interview with France 24.

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He should back up his statement with a strong economic policy otherwise our already lean foreign reserve will all be used to maintain naira at its current value. Or he should better leave the market forces to determine the deserved value of naira.