Friday, January 29, 2016
Video - Critics fault Nigerian government for not devaluing the naira
In Nigeria there have been critics of the central bank's decision not to devalue the currency believe that the countrys refusal to devalue may hurt more than benefit its economy. Central bank Governor Godwin Emefiele ruled out any form of devaluation after the Monetary Policy Committee meeting on Tuesday despite a steep depreciation of the local unit. The naira has been under sustained pressure following severe shortages of foreign exchange as a result of the fall in the price of oil.
Related story: President Muhammadu Buhari rejects calls to devalue the Naira