Nigerian president says not convinced on currency devaluations

Nigerian President Muhammadu Buhari on Friday said he was yet to be convinced that the vast majority of ordinary Nigerians would derive any tangible benefit from devaluation of the Naira.

The president said this at a meeting with members of the Council of Retired Federal Permanent Secretaries in Abuja, the nation's capital city.

The Nigerian leader said he still held the conviction which motivated his principled resistance to devaluation in his first tenure as head of state.

"When I was military head of state, the IMF and the World Bank wanted us devalue the naira and remove petrol subsidy but I stood my grounds for the good of Nigeria," he told his audience.

"The naira remained strong against the dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued," he said.

"But how many factories were built and how many jobs were created by the devaluation, that is why I'm still asking to be convinced today on the benefits of devaluation," Buhari added.

Buhari had repeatedly expressed optimism that Nigeria would soon overcome the current economic challenges facing the country and vowed that he will not support the devaluation of the naira.

He said Nigeria cannot compete with developed countries, which produce to compete among themselves and can afford to devalue their local currencies.

Source: XINHUA