President Muhammadu Buhari has once more insisted that he will not devalue the country’s currency, the naira.

His government is pursuing a policy of holding its price at around 200 naira to the US dollar, but its value has plunged on the unofficial market following the recent fall in the oil price.

Buhari, however, told the BBC yesterday that he is not convinced to “agree to the murder of the naira.”

Some economists believe he should agree to devalue the currency, arguing that it is inefficient and unsustainable to keep it at its present rate for long.

The Nigerian leader, who is currently on a short vacation in England, however made it clear in the interview broadcast on Focus on Africa radio and TV programme that he is not ready to budge on the issue.

The naira currently goes for about N310 to a dollar in the parallel market, representing an unofficial devaluation of over 50 per cent since the 73-year-old former military ruler assumed office as a democratically elected president on May 29, 2015.

•Photo shows President Buhari.