There are strong indications that President Buhari will not allow the further devaluation of the Naira.
The President hinted this, in an interview, during his visit to France. Buhari said “the naira has been devalued, as it used to be around N140/$ and now it is hovering around N200/$ and above; I don’t think it is healthy for us to have the naira further devalued.”
Adding that “we are therefore getting the Central Bank to make modifications in terms of foreign exchange availability for essential industries, spare parts, essential raw materials and so on, while liberal access to the CBN’s depleting forex reserves will be denied to importers of such things like toothpick and rice for which Nigeria has adequate capacity.”
“we don’t need to give our hard earned currency for that, but those who insist on toothpick from Europe or from China, instead of using Nigerian toothpick, they can go and source their foreign exchange,” He said.