President Muhammadu Buhari said on Wednesday in an interview with France 24 that he does not think the Naira, should be devalued again.
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 these.
It is unclear how investors will react to those comments. However we believe this will not go down well with a lot of those who believe the Naira should be devalued. It also confirms Buhari’s support for most of the CBNs bold and controversial actions, which many believe would not have been possible for Emefiele to dish out.