The Nigerian Naira has not had easy days in recent times, recording massive drops against the dollar even as inflation surges.
The Central Bank’s response has been devaluation, with the central Bank opting to devalue the Naira twice. More stringent policies have been introduced by the Central Bank, yet there looks to be no hope in sight.
In an interview with France 24, President Muhammadu Buhari insisted that there will be no third devaluation in a bid to shore up the Naira.
Falling crude oil prices have affected government’s revenue and have sparked fears of a possible third devaluation after a devaluation in November last year as well as February this year.
Buhari said, “I don’t think it is healthy for us to have the naira devalued further, That’s why we are getting the central bank to make modifications in terms of making foreign exchange 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,”