Buhari : I Am Not Happy With Naira Devaluation - Nicole Kaima's Blog

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    • Tuesday, June 28, 2016

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    Buhari : I Am Not Happy With Naira Devaluation


    The President of Nigeria Mohamadu Buhari yesterday showed dissatisfaction over the recent devaluation of the Naira by
    the Central Bank of Nigeria (CBN). On the 20th of June the Pegged price of 197 naira per dollar was raised , these were the presidents word :

    "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" ; so he said
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