We will not devalue the naira, says Buhari

President Muhammadu Buhari of Nigeria
President Muhammadu Buhari of Nigeria
Nigeria’s President Muhammadu Buhari said on Wednesday in an interview with France 24 that he does not think the country’s currency, the naira, should be devalued again.

“I don’t think it is healthy for us to have the naira devalued further. That’s why we are getting the central bank to make modifications in terms of making foreign exchange available to essential services, industries, spare parts, essential raw materials and so on — but things like toothpicks and rice, Nigeria can produce enough of those,” Buhari said.
Nigeria’s central bank has imposed progressively tighter restrictions on access to foreign exchange in an effort to prop up the naira, which has been sliding since the slump in global crude prices last year. In June, it restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.

Comments

Post a Comment

Popular posts from this blog

Vera Wang to design Lady Gaga’s wedding dress

Image
(Vera Wang to design Lady Gaga’s wedding dress. Photo: Shemazing) Lady Gaga , who is preparing to tie the knot with  Chicago Fire  actor,  Taylor Kinney , reportedly reached out to her fashion designer pal,  Vera Wang , to ask her to create her dream wedding dress. A source told Life & Style magazine: ‘She trusts Vera to create an elegant, flowy dress that will fit into her dream wedding!’ The designer has previously created custom-made gowns for a number of other celebrities including Khloé Kardashian ,  Alicia Keys ,   Mariah  Carey  and Nigerian singer,  Tiwa Savage . (Lady Gaga is preparing to tie the knot with ‘Chicago Fire’ actor, Taylor Kinney. Photo: AP) The couple, who got engaged last Valentine’s Day on  February 14  after four years of dating , are planning to exchange vows in a ‘relaxed beach wedding’ this summer at the 29-year old singer’s $23 million mansion in Malibu, California.
Read more

It's been 25 years since Saddam Hussein's invasion of Kuwait

Image
A quarter century ago, after Saddam Hussein's Iraqi army successfully invaded and took over the tiny Persian Gulf nation of Kuwait, President George H.W. Bush famously drew a line in the sand against Iraqi aggression. While the United States and its allies easily ejected Iraq from Kuwait within seven months of the Aug. 2, 1990, invasion, Bush's line has continued onward in an almost Biblical fashion, accompanied by plenty of pre-modern horrors. The Gulf War begat the 9/11 terrorist attacks, which begat the US invasions of Afghanistan and Iraq, which begat ISIS, which begat a potential future war with Iran or Syria or even what remains of Iraq. At the time, however, Bush said standing up to Hussein's Iraq was necessary to protect neighboring Saudi Arabia, a key US ally and the world's largest oil producing country, both then and now. "The sovereign independence of Saudi Arabia is a vital interest to the United States," said Bush, a Republican. O
Read more