President Buhari hints CBN will not wait long before devaluating Naira in 2016

The Central Bank of Nigeria (CBN) may devalue the naira next year after President Muhammadu Buhari hinted he would accept a devaluation of the national currency, spurring speculation it may take place early next year when the local market reopens for trading.
The CBN is fine-tuning the management of foreign exchange and would introduce some flexibility that would encourage additional inflows, Buhari told lawmakers in Abuja on Tuesday, December 22, as he presented Nigeria’s 2016 budget.
“I am aware of the problems many Nigerians currently have in accessing foreign exchange for their various purposes,” the president said.
“These are clearly due to the current inadequacies in the supply of foreign exchange.
“We are carefully assessing our exchange-rate regime, keeping in mind our willingness to attract foreign investors, but at the same time managing and controlling inflation to a level that won’t harm average Nigerians