Angry Buhari -: He Was Not Informed When Naira Was Devalued (after 3 months)

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The Central Bank of Nigeria (CBN), new currency flexibility policy, which allows the forces of demand and supply to determine the value of the Naira, have angered President Muhammadu Buhari who claimed that he was informed when the policy was introduced.


Presidential aides stated that the CBN currency policy was never explained to the President properly and the president never envisaged that the currency flexibility policy is another name for a technical Naira devaluation or will lead that. President Buhari on his part, said that he detest the new CBN policy that devalued the Naira value, as it will not be beneficial to the economy.

President Buhari had opposed the devaluation, especially in his international fora in Egypt and Kenya, where he said that further devaluation of Naira would mean “killing it”.
The president speaking while breaking his Ramadam fast with members of the Nigerian business community at the Presidential Villa, Abuja, last night, the President said the CBN policy was yet to benefit the country.

“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 am 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”.
The Nigerian economy have nose dived since President Buhari assumed office as the GDP dropped from about 6.9% to -0.36% in less than a year. With Buhari assembling the weakest and less technically exposed Economic Team, there is a little chance of improvement in the Nigerian economy, especially the cost of living which is sky rocketing on daily basis.

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