I Am Yet To See The Effect Of Devaluation Of The Naira - Buhari

President Muhammadu Buhari has expressed regret over the new Central Bank of Nigeria CBN amended new flexible foreign exchange policy announced two weeks ago by the CBN governor Mr Godwin Emefiele. The president maintained that devaluation of the Naira is not the solution to the dwindling economy Nigeria is currently facing noting that he could not be convinced that devaluing the Naira is the only what to address the current constant fall in the Naira against other foreign currency.

The president made the assertion at the ramadan breaking of his fast last night at the presidential villa Aso Rock Abuja where he had a dinner with the Nigerian business community at the villa said the new policy is yet to benefit the economy of the country. According to him he said he does not like the returns he is getting from the CBN concerning the devaluation of the Naira. Buhari pointed out that in August 1985 the Naira was 1.30k to a dollar but it currently trades at between N300 and N350 to a dollar.

Recall that the CBN governor made the announcement to devalue the Naira while the president was away in the UK for health related reasons where he had gone to treat his Ear, Nose and Throat E.N.T infections. According to Emefiele, the decision came as an economic and market strategy to systematically devalue the Naira following its recent free fall, a move that didn’t go easy with Mr president in which he had on several occasions in his numerous foreign trips said the further devaluation of Naira would "kill the Naira" and equally challenged Economist and financial experts to convince him.

According to president Buhari, the only way out of Nigeria’s current economic woes is to pull Nigeria out of its present mono economy in which the country only depends on oil as a source of foreign exchange which the president said has led Nigeria in to total collapse with the recent fall in crude prices at the international market. Buhari said he is neither an economist nor a businessman but he would not appreciate the economic explanations been proposed by the Economists to what has happened to Nigeria’s economy. He urged the business men and captains of industry present at the function to get Nigeria out of the employment crisis ravaging the country he encouraged job creation and employment opportunities for the teeming youth who he said could contribute to the economy to get out of the crisis.

                                                                Godwin Emwfiele CBN Governor