Many months after insisting that he had no plans to devalue the naira, President Muhammadu Buhari has caved to pressure to change course; online newspaper Sahara Reporters has reported.
According to the report, a day after the Buhari administration increased the price of the pump price of fuel by 67%, from N86.5 to N145 a liter, our sources disclosed that Mr. Buhari has also agreed to demands by the International Monetary Fund (IMF) that he significantly devalues the Nigerian currency.
Details later.
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