Nigerian President, Muhammadu Buhari has stated that the naira was not likely to be devalued contrary to what many pundits have called for in the past few months. He mention this in an intervew in Paris saying it is unhealthy for any further devaluation of the naira.That is why the Central Bank has come in to make 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,” Buhari said.
Nigeria’s central bank has imposed
progressively tighter restrictions on access to foreign exchange in an
effort to prop up the naira, which has been sliding since the slump in
global crude prices last year.
In June, it restricted access to foreign
exchange for the import of 41 items ranging from rice and toothpicks to
steel products and glass.
2 comments:
This will actually be a good development.
But as much as he can control the Government relationship with the currency, Can he have a similar control on the market forces?
Sai Buhari.
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