L
LequteMan
Guest
Nigeria's President Muhammadu Buhari, in a recent interview with Aljazeera has declined IMF's calls to lift foreign exchange curbs and allow a more flexible rate for the naira.
"No," he said when asked whether he would consider ending the fixed naira rate to the dollar and devalue the currency.
According to him, hard currency curbs were necessary as Nigeria could no longer afford to import as much as it had in the past due to dwindling oil revenues.
Last month, the IMF called on Nigeria to lift the curbs imposed by the central bank last year and let the naira reflect "market forces" more closely, as the restrictions had significantly affected the private sector.
The naira trades versus the dollar on the secondary market some 40 percent below the official rate as the central bank has limited access to hard currency to preserve its falling currency reserves.
"No," he said when asked whether he would consider ending the fixed naira rate to the dollar and devalue the currency.
According to him, hard currency curbs were necessary as Nigeria could no longer afford to import as much as it had in the past due to dwindling oil revenues.
Last month, the IMF called on Nigeria to lift the curbs imposed by the central bank last year and let the naira reflect "market forces" more closely, as the restrictions had significantly affected the private sector.
The naira trades versus the dollar on the secondary market some 40 percent below the official rate as the central bank has limited access to hard currency to preserve its falling currency reserves.
