President Buhari express his anger at the current rate of Naira to the Dollar yesterday while addressing members of the Nigeria business community at the breaking of Ramadan fast.
Buhari condemned the "Ruthless devaluation of Naira" saying he yet to be convinced about the economic benefits of the devaluation.
“How much benefits have we derived from naira devaluation in the past?
“I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985, the naira was N1.3k to a dollar, 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 the economic explanation.What has happened to us now is that we have maneuvered ourselves into a mono-economy which led to the collapse we are seeing now.A lot of responsibilities now fall on your shoulders. You have a lot of investments, a lot of people you employ,’’ He said
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