President Muhammadu Buhari has said that Nigeria and its people will not derive any tangible benefit from an official devaluation of the Naira.
A statement issued in Abuja on Thursday by the president’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, said President Buhari made this known at an interactive meeting with Nigerians living in Kenya.
Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation would only result in further inflation and hardship for the poor and the middle class in Nigeria’s import-dependent economy.
The President added that he had no intention of bringing further hardship on the country’s poor who, he said, had suffered enough already.
Likening the Naira devaluation as having “killed” it, Buhari said that proponents of devaluation would have to work much harder to convince him that ordinary Nigerians would gain from it.
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