Nigerian President Buhari Rules Out Further Devaluation of Naira

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  • Nigerian President Muhammadu Buhari said he opposed a further 
  • devaluation of the West African nation’s currency and endorsed the 
  • central bank’s policies that have restricted foreign-exchange trading.
  • "I don’t think it is healthy for us to get the naira devalued further," Buhari 
  • said in an interview in Paris with France 24 broadcast on Wednesday. The 
  • central bank is making foreign exchange available to “essential services, 
  • industries.”Buhari, who has yet to name a cabinet since he took office at the end
  •  of May, said markets aren’t being harmed by the delay in ministerial 
  • appointments, which will happen by the end of the month. Civil servants 
  • are running the government of Africa’stop oil producer competently, he said.
  • “Work is being done by technocrats, they are there and they provide the 
  • continuity,” he said.Amid a halving in oil prices in the past year, Central Bank 
  • Governor Godwin Emefiele reacted to the naira’s drop to a record low in 
  • February by introducing trading curbs and bans on purchases of dollars to
  •  stem the rout.Last week, JPMorgan Chase & Co. decided to exclude Nigeria 
  • from its local-currency emerging-market bond indexes, tracked by more than 
  • $200 billion of funds, after the restrictions prompted investor concerns about 
  • a shortage of liquidity. The naira remained little changed at 199.05 per dollar
  •  on the interbank market at 11:42 a.m. in Lagos, the commercial capital.

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