PRESIDENT
Muhammadu Buhari said, Wednesday, in Paris, France, that he opposed a further
weakening of the naira and openly endorsed the Central Bank of Nigeria, CBN’s
policy of restricting foreign-exchange trading.
The
President, who was answering questions in an interview with France 24 broadcast, said: “I do not think it
is healthy for us to get the naira devalued. The Central Bank is providing
ample foreign exchange to essential services, industries
CBN has been under pressure from foreign investors to further
devalue the naira. Nigeria had, last year, devalued the naira to N197 to the
dollar from N160. The naira was further adjusted slightly in July to N199 to
the dollar. As a result of the continued pressure on the naira, CBN introduced
some measures to curb the excess demand for foreign exchange.
Vanguard
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