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Buhari rules out naira devaluation

President Muhammadu Buhari yesterday reiterated his opposition to the official devaluation of the nation’s currency, the naira, saying it would not yield any benefits to…

President Muhammadu Buhari yesterday reiterated his opposition to the official devaluation of the nation’s currency, the naira, saying it would not yield any benefits to the nation.
He was speaking at the New Banquet Hall of the Aso Rock Presidential Villa during a Ramadan dinner with the business community.
He said: “How much benefit have been derived from naira devaluation in the past?…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 am not an economist, neither am I a businessman.
“I fail to appreciate the economic explanation. What has happened to us now is that we have manoeuvred ourselves into a mono economy which led to the collapse we are seeing now,” he added.
The president said a lot of responsibilities now fell on the shoulders of the business community with a lot of investments as well as a number of people they employed.

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