President Buhari insists that devaluation of the Naira does not make sense

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Buhari in office 2

President Buhari has said that the recent introduction of flexible exchange rate policy of the Central Bank of Nigeria is in no way  beneficial to the country‘s economy.

Speaking on Monday during the breaking of the Ramadan fast with members of the business community at the Presidential Villa, Abuja, the President expressed his discomfort with the reports he was getting from the CBN regarding the devaluation of the currency.

Buhari lamented the fact that the rate of the naira to the dollar had skyrocketed between August 1985 and present day.

“What do we derive from that? How much benefit can we derive from this ruthless devaluation of the naira? I am not an economist, neither a businessman. I fail to appreciate what is the economic explanation.”

“What has happened to us now is that we have maneuvered ourselves into a mono economy, which led to the collapse we are seeing now.”

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“A lot of responsibilities now fall on your (business community‘s) shoulders now. You have a lot of investments, a lot of people you employ.”

 

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