President Muhammadu Buhari once again expressed his disapproval for the devaluation of the naira, saying he did not see the benefit of the removal the pegging of the naira against the dollar. He did this while addressing a gathering of business of leaders.
“I don’t like the returns I get from the CBN (Central Bank of Nigeria),” said Buhari, addressing a group of business leaders that included Africa’s richest man, Aliko Dangote, Zenith bank founder Jim Ovia and oil billionaire Femi Otedola.
“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,” said Buhari.
The President had consistently argued against the floatation of the naira on the ground that it will impoverish the people more. “What has happen to us now is that we have manoeuvred ourselves into mono-economy which led to the collapse we are seeing now,” said Buhari.
In a June 3 letter to Buhari, seen by Reuters, the central bank governor said he hoped the naira would eventually trade at around 250 per dollar, a level the president had “approved”.
While addressing the group at his official residence in Abuja, the President said the devaluation of the naira in 1985 saw the naira trading at 1.3 to the dollar, whereas “now you need 300 or 350 naira to a dollar”.
