Buhari: Why I'm Opposed to Devaluation of Naira

June 27, 2016, 3:52 pm


President Muhammumadu Buhari on Monday told the nation's business community that he was yet to be persuaded by devaluation because he has not seen the benefit that is derivable for the country from devaluing the naira.

"How much benefit have we derived from naira devaluation in the past.I don't like the returns I get from the CBN (Central Bank of Nigeria) because that coupled with the demand that let us devalue the naria.

"In August 1985 the naira 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 is the economic explanation.

"What has happened to us now is that we have maneuvered ourselves into mono economy which led to the collapse we are seeing now,"  President Buhari further told  Aliko Dangote, Tony Elumelu, Femi Otedola, Wale Tinubu, Jim Ovia and Umar Mutalab and Folorunsho Alakija, Kemi Nelson‎ among others business men and women who came to break the Ramadan fast with him in the Presidential Villa, Abuja,

Last week, the Central Bank of Nigeria (CBN) had announced  ‘flexible’ foreign exchange rate policy which consequently devalued the naira.

President Buhari however told members of the business community that the responsibility was on their shoulders to help get the economy out of the woods and putting a lot of people in their employment. ‎

"A lot of responsibilities now fall on your shoulders now. You have a lot of investments, a lot of people you employ"adding that, as part of plans to diversify the economy, no fewer than 13 states have been identified that could produce rice that would feed the nation in 18 months.

He described as disappointing that Nigeria imported things like tomatoes, rice, wheat among others that can be produced in the country.

Chairman of Unilever, Kola Jamodu, in his vote of thanks, pledged the support of the group to Buhari's administration in its bid to take the Nigerian economy out of the woods. 

"We are with you as you strive to re-position the Nigerian economy. We are very much in support of your move to diversify the economy. 

"I have the mandate of the group that we will give you all the support because if the economy is in disarray, the private sector cannot survive," Jamodu further said.

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