"I need to be convinced about devaluing the naira currency"-Buhari

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Thursday, December 31st, 2015 5.00am/@webtvng.com 

President Muhammadu Buhari has stated that on the internal/external pressures to devalue the Nigerian currency "The Naira", he needs to be convinced before taking such action. 

He shared this at his first ever Presidential Media Chat since he resumed office, at the Presidential Villa  Aso Rock. 

Entertaining questions from seasoned journalists, President Buhari admitted that the Nigerian economy was presently in a bad shape and needs restructuring. 

Speaking further on the economic policy of the government, the President justified the Central Bank's forex restrictions on 43 items, noting that Nigeria needs to grow and boost its industries. 

Expressing concerns over the devaluation issues, The President asserted "What will we devalue the naira with dollars, pounds sterling, yen or francs!? 

Responding to questions on the Forex issues and the CBN policy restrictions, President Buhari said "Our priorities remain clear,which include providing infrastructure like roads and rail". 

He further attributed the economic challenges of the nation to the downturn in the international crude oil price market, which was a major earner for the country. 

On the uncertainties around Forex restrictions, he informed the media panel that the Central Bank Governor will make a statement on the developments. 

The President assured the Nation through the chat, that with the 30% Capital expenditure of the 2016 budget more jobs will be created for the unemployed youth. 

Nigeria faces a huge challenge on its economic front with a declining revenue base, due to the drastic drop in the international crude oil price, leaving the government to make hard choices.

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