Thursday, 28 January 2016

President Buhari rejects devaluation, says "I won't kill the naira"

President Muhammed Buhari, who is currently on a 3-day visit to Kenya while speaking at an interactive meeting with Nigerians living in Kenya says he won’t devaluate the naira as it will only result in further inflation and hardship for the poor and middle classes in Nigeria. He said;

"We had just 74 of the bureaux in 2005, now they have grown to about 2,800," President Buhari noted.

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.

"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 told the gathering.

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