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.