Monday, April 25, 2016
Video - President Buhari continues to defend the Naira
Nigeria's President Muhammadu Buhari, continues to remain firm in his stance against the devaluation of the Naira.Buhari and CBN, governor, Godwin Emefiele, who meet at least weekly, say that the Naira is fairly valued on the official market and that letting it drop would only harm poor Nigerians by pushing up prices. Pundits believe that history is repeating itself, as it's not the first time Buhari has resisted a devaluation. During his first stint in power in the 1980s, when oil prices had just crashed, he ignored advice to depreciate the currency and refused financial assistance from the international monetary fund. Some investors and analysts have criticized the position as making little economic sense.