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.