Buhari explains why he opposes Naira devaluation

Nigeria’s President, Muhammadu Buhari, has given reasons he opposes the devaluation of the Naira, emphasising that his country cannot compete favourably with other producing nations.

President Buhari spoke on Saturday while contributing to a Presidential Panel Roundtable on Investment and Growth Opportunities at the opening session of the ‘Africa 2016: Business for Africa, Egypt and the World’ at Sharm El-Sheikh, Egypt.

“Nigeria cannot compete with developed countries which produce to compete among themselves and could afford to devalue their local currencies.

“Developed countries are competing among themselves and when they devalue, they compete better and manufacture and export more.

“But we are not competing and exporting, but importing everything including toothpicks. So, why should we devalue our currency?” the President asked.