President Muhammadu Buhari said, Wednesday, in Paris, France, that he opposed a further weakening of the naira and openly endorsed the Central Bank of Nigeria, CBN’s policy of restricting foreign-exchange trading.
The President, who was answering questions in an interview with France 24 broadcast, said: “I do not think it is healthy for us to get the naira devalued. The Central Bank is providing ample foreign exchange to essential services, industries.”
CBN has been under pressure from foreign investors to further devalue the naira. Nigeria had, last year, devalued the naira to N197 to the dollar from N160. The naira was further adjusted slightly in July to N199 to the dollar. As a result of the continued pressure on the naira, CBN introduced some measures to curb the excess demand for foreign exchange.
President Buhari also said in the interview that markets were not being harmed by the delay in ministerial appointments, which he says will happen by the end of the month.
He said: “Work is being done by technocrats; they are there and they provide the continuity.”
The naira remained little changed at 199.05 per dollar on the inter-bank market at in Lagos.