Linda Thomas-Greenfield, the U.S Secretary of State for Africa has said devaluation of the Naira is necessary to boost U.S investment in the Nigerian economy. She maintained that discussions need to be held so as to take decisions to make the exchange rate more realistic. Following this, there have been reports that officials from the State Department, Pentagon and Treasury and their counterparts in the Nigerian government are slated to have a meeting on Thursday in Washington.
President Muhammadu Buhari has repeatedly said devaluation will not benefit the Nigerian economy. Although according to Thomas-Greenfield, the parallel currency market in Nigeria is alive and well. She has therefore warned that a rigid exchange rate, capital controls and import bans could undermine President Muhammadu Buhari’s efforts to expand economic growth and fight corruption. Since 2015, the Buhari administration has focused more on corruption battles than economic battles which many have said affect the Nigerian masses a lot more than the former.
Read more at Ventures Africa