President Buhari expresses concerns over Naira float

Nigerian President Muhammadu Buhari has expressed concern over the decision to float the Naira.
Speaking to business leaders, the President said he did not like the returns he got from the Central Bank of Nigeria on the call for the devaluation of the Naira.

This comes after Nigeria’s central bank last week, allowed the market to determine the rate of the Naira to the Dollar, which was earlier pegged at 197 Naira to one dollar.

The move was to alleviate chronic currency shortages that have depressed growth in Africa’s biggest economy.

Buhari had consistently refused to abandon an official exchange rate of the Naira to the Dollar, arguing that doing so,  would worsen inflation.

Analysts, however, say that the devaluation of the Naira will bring back investors’ confidence as foreign companies had found it increasingly difficult to do business in Nigeria.

Tom Lori Published by Tom Lori

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