President Buhari says he's not convinced naira should be devalued

Nigeria's President Muhammadu Buhari says he is not convinced the country's naira currency should be devalued, the presidency said in a statement on Thursday.

"Likening devaluing the Naira to having it 'killed', President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it," the presidency quoted him as saying in a statement.

On Tuesday, the central bank decided to keep the current official exchange rate against the dollar despite a sharp fall of the naira on the parallel market due to a loss of oil revenues.