Buhari unhappy with the recent devaluation of the Niara by the CBN
President
Buhari yesterday expressed his dissatisfaction over the recent devaluation of
the Naira by the Central Bank of Nigeria. The CBN had on Monday June 20th
removed the exchange rate peg of N197 to a dollar in an effort to alleviate the
chronic foreign currency shortages and allow market forces determine the
exchange rates. While breaking his Ramadan fast with business leaders, the
president said;
"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. I’m not an economist neither a businessman. I fail to appreciate what
the economic explanation is. What has happened to us now is that we have
maneuvered ourselves into mono-economy which led to the collapse we are seeing
now”he said.
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