Nigeria: President Buhari Speaks About Naira Devaluation

Speaking from Kenya, Nigeria's President Muhammadu Buhari has addressed concerns about Naira devaluation.

Buhari said he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira.

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

He also reaffirmed his conviction that about a third of petroleum subsidy payments under the previous administration was bogus.

“They just stamped papers and collected our foreign exchange,” he said.

The president appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they are facing as a result of new foreign exchange measures.

According to him, the Nigerian economy will stabilize soon with the efficient implementation of measures and policies that have been introduced by his administration