President rules out Naira devaluation President Buhari has said that Nigerians who have developed taste for foreign luxury goods should continue to pay for them rather than pressure the government to devalue the Naira.

Nigerian president, Muhammadu Buhari has again ruled out Naira devaluation saying his administration would encourage local production and efficiency.

In a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President spoke made this revelation at the Africa 2016: Business for Africa, Egypt and the World at Sharm El-Sheikh in Egypt on Saturday, February 20, 2016.

While contributing to the Presidential Panel Roundtable on Investment and Growth Opportunities at the opening of the event, President Buhari said, “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."

Continuing, '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.'

The President also expressed optimism that Nigeria would get out of its current economic downturn, adding that those who have developed taste for foreign luxury goods should continue to pay for them rather than pressuring the government to devalue the Naira.