Posted on: 12:26 Tue, 28 Jun 2016



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.