I Am Still Against Naira Devaluation – Buhari
President Muhammadu Buhari[/caption]
President Muhammadu Buhari on Monday said that he is still against the decision to devalue the nation’s currency, saying that devaluation is of no benefit to the country.
This is coming despite the currency flexibility policy recently invoked by the Central Bank of Nigeria (CBN), to enable market variables determine the value of the Naira.
Buhari, who spoke at the breaking of the Ramadan fast with members of the business community at the Presidential Villa, Abuja, said he was not comfortable with the reports from the CBN for the devaluation of the naira.
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“I don’t like the returns I get from the CBN concerning the devaluation of the Naira. In August 1985, the Naria was N1.3 to a dollar but now you need N300 or N350 to a dollar. What do we derive from that? How much benefit can we derive from this ruthless devaluation of the naira?” he asked.
“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.
“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,” he added.
