I don't see the benefit of naira devaluation, says President Buhari

President Buhari yesterday expressed his opposition over the recent devaluation of the Naira by the Central Bank of Nigeria.

The CBN had 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. 

Speaking in Abuja on Monday evening at the breaking of the Ramadan fast with the business community, Buhari said; “In August 1985, 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,”.