On Naira Devaluation And President Buhari’s Economic Policies

A lot has been said about the economic policies of the current Nigerian president, Muhammadu Buhari, who has consistently argued against the devaluation of the nation’s currency, the Naira. Some economic analysts are of the opinion that the Naira at the official rate of N199 to the US Dollar is over-valued and a more realistic exchange rate would be in the range of N250 to 1 USD. However, President Buhari, whose government has focused a lot of attention on fighting corruption and recovering monies stolen by government officials under the last administration said he is not convinced to “agree to the murder of the Naira”.

Some economists believe he should agree to devalue the currency because they argue it is inefficient and unsustainable to keep it at its present rate for long. Buhari has previously maintained that devaluation will only result in further inflation and hardship for the poor and middle classes in Africa’s largest economy. Read more on the arguments for and against devaluation Buhari reiterates disagreement with Naira devaluation