President Muhammadu Buhari has reiterated his resolve not to devalue the naira, saying that no outsider, including the International Monetary Fund (IMF) can dictate to Nigeria on the issue.

With a chorus of voices, including from the IMF, calling for the Nigerian government to devalue the naira, Buhari said Saturday on Al Jazeera that he will not reconsider his insistence on freezing the currency. Buhari made it clear that Nigeria since “virtually imports everything, from rice to toothpicks”, it cannot afford to devalue its currency.

“If it is against our national interest, why can’t we go against the IMF advice?” Buhari asked.

On Nigeria’s economic woes compounded by low oil price, Buhari lamented: “We were unable to diversify our economy, hence we are much more disadvantaged by the lower oil prices.”

The Nigerian leader told his interviewer that he values the Organization of the Petroleum Exporting Countries (OPEC) and that “Nigeria will make the necessary sacrifice to remain in OPEC.”

Buhari’s election campaign rode on pledges to root out corruption and quash the armed group Boko Haram. Yet, Boko Haram remains active in many areas of Nigeria, seemingly able to strike at will.

And many questions are being asked about whether Buhari’s anti-corruption drive is yielding results and if newer forms of corruption are emerging with a freeze on the naira.

Buhari was, however, adamant that he has not failed in the fight against Boko Haram. He also explained why he believes the security of his country is best served by being part of the Saudi-led Islamic anti-terrorism coalition announced in December 2015.

•Photo shows President Buhari during the Al jazeera interview.

Update news