Nigeria's President Muhammadu Buhari pay hommage to the Kenyan soldiers
serving in the African Union Mission in Somalia (AMISOM), who were
killed in El Adde during an attack, at a memorial mass at the Moi
Barracks in Eldoret, January 27, 2016. Buhari is in Kenya on a 3-day
state visit. REUTERS/Thomas Mukoya
Buhari rejects devaluation, says he ’won’t kill’ naira
Letting the currency fall would only result in higher
inflation and cause hardship for poor- and middle-class Nigerians,
Buhari said on Wednesday, according to an e-mailed statement from his
spokesman Garba Shehu.
“President Buhari said that proponents of devaluation
will have to work much harder to convince him that ordinary Nigerians
will gain anything from it,” Shehu said. “The president added that he
had no intention of bringing further hardship on the country’s poor who,
he said, have suffered enough already.”
The central bank of Africa’s largest economy has
pegged the naira at 197-199 per dollar since March to stem its slide
amid a rout in oil prices, which has slowed economic growth. The policy
has led to a shortage of foreign-exchange in the country and been widely
criticized by investors and businesses.
The black market rate has plunged as Nigerians have
become desperate for foreign currency, falling to a record 306 per
dollar this week.
– Bloomberg
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