Kaduna State governor Nasir El-Rufai who is a free market exponent at heart, has turned his back on devaluation. He’s supported calls for devaluation in the past.
The naira has been going through a difficult spell as the price of crude plummets in the global market. Economists have called on the Buhari-led federal government to allow the country’s currency go on a free fall from whence it will find its level. But Buhari has remained adamant.
El-Rufai is a dyed-in-the-wool Buhari disciple and he’s backing the president to the hilt on this one as well.
“I’ve lived through several rounds of naira devaluation and I have seen very little benefit to the Nigerian economy and people,” El-Rufai told Bloomberg.
“I supported each of them as a solution to the challenges we faced at the time. I regret that support because I have seen very clearly it brought nothing to Nigeria.”
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