I fail to see the benefit in devaluing the naira – Buhari

President Muhammadu Buhari says the recently introduced flexible exchange rate policy of the Central Bank of Nigeria is not 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.”

“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.”

One comment

  1. @fransysok buhari is a joker a big joker to the nation Nigeria. I ask in Buhari terms what does devaluation mean to him?

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