While speaking at the just concluded Business for Africa, Egypt and the World Forum held in Egypt yesterday February 20th,2016 President Muhammadu Buhari reiterated his stance against the devaluation of the Naira
“Developed countries are competing among themselves and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks.
So, why should we devalue our currency?. We want to be more productive and self-sufficient in food and other basic things such as clothing. For our government, we like to encourage local production and efficiency.”he said
He added that those who have developed taste for foreign luxury goods should continue to pay for them rather pressure government to devalue the Naira