President Muhammadu Buhari has stated that the naira won’t be devalued.
He was quoted as saying that Nigeria could not afford to devalue its currency because the country imports everything, including toothpicks.
He said, “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 also stressed that the focus of his administration would be to ensure that the nation is food sufficient and would encourage local production and efficiency before exportation of goods.
“We want to be more productive and self-sufficient in food and other basic things such as clothing.
“For our government, we like to encourage local production and efficiency.” he said