Buhari reiterates disagreement with Naira devaluation

Nigeria’s President Muhammadu Buhari has yet again declared he will not devalue the currency, the naira, despite its value plunging on the unofficial market following the recent fall in the oil price.

His government is pursuing a policy of holding the price of naira at around 200 to the US dollar and Buhari said he is not convinced to “agree to the murder of the naira”.

Some economists believe he should agree to devalue the currency because they argue it is inefficient and unsustainable to keep it at its present rate for long.

Buhari has previously maintained that devaluation will only result in further inflation and hardship for the poor and middle classes in Africa’s largest economy.