President Muhammadu Buhari has reiterated his opposition to the devaluation of the naira. He said Nigeria could not compete with developed countries which produce to compete among themselves and can afford to devalue their local currencies. In a statement by Special Adviser on Media and Publicity, Femi Adesina, the President stated this at the opening of the Africa 2016: Business for Africa, Egypt and the World at Sharm El-Sheikh, Egypt. Buhari said that Nigeria could not afford to devalue its currency because the country imports everything, including toothpicks. He said, developed countries were competing among themselves and when they devalue they compete better and manufacture and export more. The President added that those who have developed taste for foreign luxury goods should continue, rather than mounting pressure on government to devalue the naira. PUNCH