Nigeria's Buhari Again Rejects Idea of Currency Devaluation

 Nigeria's President Muhammadu Buhari has again rejected the idea of devaluing the WestAfrican nation's currency, despite a hammering of the naira on the secondary market last week.

The central bank has resisted

depreciation by imposing hard currency curbs, which has hit Nigerian firms trying to import raw materials and spare parts. Africa's top oil producer is in an economic crisis caused by a slump in oil revenues.

Buhari said on Saturday Nigeria could not afford a currency devaluation as it had few exports apart from oil and depended on imports whose cost would "Reiterating his opposition to the devaluation of the naira

President Buhari said Nigeria cannot compete with developed countries which produce to compete among themselves and can afford to devalue their local currencies,"

The presidency said in a statement.

"So, why should we devalue our currency?" Buhari said.

Buhari said the priority of his government, which came to power last year, was to boost food production.