TVC NEWS: President Muhammadu Buhari declared while he Speaking at a meeting with Nigerians living in Kenya that, he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira and as such will not devalue the Nigerian naira.
He maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.
Likening devaluing the Naira to having it “killed”, President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.
The president added that he had no intention of bringing further hardship on the country especially to the poor.
The president said, that the Bureaux de Change business had become a scam and a drain on the economy, so on that he rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs).
He went further to say that, “We had just 74 of the bureaux in 2005, now they have grown to about 2,800.”
He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.
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