By InvestAdvocate with Agency Reports

Lagos (INVESTADVOCATE)-Nigeria’s President Muhammadu Buhari said on Wednesday that he does not think the nation’s local currency the naira should be devalued again, a Reuters report quoting the President in an interview with France 24.

The report quoted President Buhari as saying “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.”

The Central Bank of Nigeria (CBN) has imposed progressively stiff rules on access to foreign exchange in a bid to save the naira, which has been sliding since the slump in global crude prices last year.

Earlier in June, the CBN restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.

The central bank had devalued the naira in November last year and February this year.