As the Naira continues its free fall despite the many attempts by the Central Bank to shore it up, President Muhammadu Buhari has said a further devaluation will be unhealthy for the Nigerian economy.
“I don’t think it is healthy for us to get the Naira devalued,” Buhari said in an interview in Paris with France 24 broadcast on Wednesday. “The central bank is providing ample foreign exchange to essential services such as industries, spare parts, essential raw materials and so on,” the President added.
Buhari also said “for things like toothpicks and rice, Nigeria can produce enough of those.”
The Naira had fallen to as low as 242 per dollar on the parallel market in July, versus the official rate of 197.
The Nigerian currency has lost around 15 per cent against the dollar over the past year with the official devaluation in November and a de facto one in February.
In June, the CBN restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.
The stringent restrictions have not gone down well with investors, who have called for a relaxation.
Last week JP Morgan said it would remove Africa’s biggest economy from its influential emerging markets bond index by the end of October, citing a lack of liquidity and the central bank’s currency restrictions.
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