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No value in ruthless devaluation of naira, Buhari insists

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President Muhammadu Buhari has expressed displeasure over the recent veiled devaluation of the naira by the Central Bank of Nigeria (CBN).

The President, who said he is yet to see the benefits that have accrued to the country by the new CBN policy that allows market forces determine the value of the naira, bore his mind at the breaking of his Ramadan fast with members of the Nigerian business community in Abuja on Monday.

It would be recalled that the President has overtime been averse to the devaluation of the naira, voicing his opposition even on the international stage.

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Speaking with the business community on Monday night in Abuja, 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”.

The President however tasked the business community to help get the country out of the employment quagmire by creating jobs for Nigerians.

 

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