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Tuesday, 28 June 2016

Buhari Not Happy With CBN For Devaluing The Naira

 President Muhammadu Buhari is not happy with the Central Bank of Nigeria over what he called “the ruthless devaluation of the naira.

While speaking 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. 

He 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”.

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