I Don't See The Benefit Of Devaluation Of Naira - President Buhari
Category: Nigeria National News
President Muhammadu Buhari insists he is still opposed to the
devaluation of the Naira despite the removal of the official peg by the
Central Bank of Nigeria (CBN).
He was speaking in Abuja on Monday evening at the breaking of the
Ramadan fast with the business community when he made the statement.
Buhari has consistently spoken against devaluation, but the CBN recently removed the official peg of N197-N200/$1 after 16 months, with the national currency already exchanging for over N370 in the parallel market.
It is now N282/$1 in the official interbank market, while the parallel market rate has been coming down gradually, although it suffered a setback on Monday.
The president has maintained again that he does not see any benefit that the country can derive from devaluation.
He said; “In August 1985 (when he was overthrown in a military coup), the naira was N1.30 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 the economic explanation.”
“What has happenned to us now is that we have maneuvered ourselves into mono economy which led to the collapse we are seeing now,” Buhari stated.
Buhari has consistently spoken against devaluation, but the CBN recently removed the official peg of N197-N200/$1 after 16 months, with the national currency already exchanging for over N370 in the parallel market.
It is now N282/$1 in the official interbank market, while the parallel market rate has been coming down gradually, although it suffered a setback on Monday.
The president has maintained again that he does not see any benefit that the country can derive from devaluation.
He said; “In August 1985 (when he was overthrown in a military coup), the naira was N1.30 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 the economic explanation.”
“What has happenned to us now is that we have maneuvered ourselves into mono economy which led to the collapse we are seeing now,” Buhari stated.
Related Posts via Categories:
- President Buhari Receives Unilever Global CEO Paul Polman and the Obi of Onitsha, Igwe Achebe (Pictures)
- Photos: Saraki, Ekweremadu Fulfill Their Bail Conditions
- Governor Ikpeazu Of Abia State Removed From Office Over Fake Tax Clearance
- JSS3 Student Manufactures Tricycle
- Pictures: Saraki, Ekweremadu and Two Others Docked For Forgery, Granted Bail
- EFCC Charges Three Former Air Force Chiefs With N21bn Fraud
- Senate President, Bukola Saraki and Deputy, Ekweremadu in Court For Their Arraignment Over Forgery
- Kidnapped Expatriate Contractors in Calabar Released
- EFCC Set to Go After Bank MDs
- Photos: Ekiti State Civil Society Groups Hold Protest Against Gov Ayo Fayose
Send stories for publishing to admin@ackcity.net
Like Our Facebook Page
Follow Us on Twitter
BB: 568235DD
Channel Pin: C00352CD2
WhatsApp: (234) 08105649346
Phone: (234) 08105649346, 08121807240, 09081122570
E-mail: info@ackcity.net
No comments