President insists he will not devalue the Naira

President Buhari, in an interactive session with Nigerians living in Kenya, said he will not devalue the Naira.

This was communicated to newsmen in a statement issued by the President’s Senior Special Assistant on Media, Mallam Garba Shehu.

Shehu said Buhari explained that Nigerians had suffered enough, adding that he would not bring more hardship on the poor by devaluing the nation’s currency.

The statement also said Mr. President asked supporters of the devaluation, to come up with valid points to convince him.

“We had just 74 of the bureaux in 2005, now they have grown to about 2,800.

“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure.

“We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” President Buhari said.

Reports say Mr. President likened the devaluation of the Naira, to killing it.

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Also speaking on the Petroleum subsidy, Buhari said the claims were bogus, adding that “They just stamped papers and collected our foreign exchange.”

Reports also said the President rejected requests for the Central Bank of Nigeria to commence sale of foreign exchange to Bureaux de Change companies.