While
speaking at the just concluded Business for Africa, Egypt and the World Forum
held in Egypt yesterday February 20th, President Muhammadu Buhari reiterated
his stance against the devaluation of the Naira
"Developed countries
are competing among themselves and when they devalue they compete better and
manufacture and export more. But we are not competing and exporting but
importing everything including toothpicks.
So, why should we devalue
our currency?. We want to be more productive and self-sufficient in food and
other basic things such as clothing. For our government, we like to encourage
local production and efficiency.”he said
He added
that those who have developed taste for foreign luxury goods should continue to
pay for them rather pressure government to devalue the Naira
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