US Gingers Nigeria To Devalue Naira

photo source: newspunch.org

 Although the IMF had earlier told Nigeria to devalue Naira long before now, but Nigeria still insists that Naira  should not be devalued. Just of recent the the United States through the US Assistant Secretary of State for Africa, Linda Thomas-Greenfield, at the US Institute of Peace, said that Nigeria should ensure the value of the Nair to the Dollar was more realistic.

 She said "While most people complain about the possibility of there being a devaluation, people are already operating on a devalued currency, and only people who are not, are people who are doing it officially."

 "Our recommendation is, and we will have discussions about it...that they should look at the exchange rate more realistic to what the value of the Naira is to the Dollar'.

 Meanwhile the President of Nigeria, Muhammadu Buhari still disagrees with the idea of the devaluation of Naira, despite the economic hardship the country is facing.

 The United States said that they will have some talks this week, to convince Nigeria to adopt a more flexible foreign exchange rate.