CBN Currency Flexibility Policy is of no benefit to Nigeria- Buhari

The recently invoked Currency Flexibility Policy of the Central Bank of Nigeria, CBN, has been declared 'non-beneficial' to the nation, by President Muhammadu Buhari.

As it would be recalled, the CBN had enacted the policy enabling market variables determine the value or otherwise of the Niara, as a means of plugging the further free-fall of the Nigerian currency.

The President had held
out on the decision for a long while, as he never wanted to further devalue the currency; stating on various occasions outside Nigeria, that a

further devaluation of the Naira would mean “killing it”, and challenging Nigerian economists and financial analysts to convince him otherwise.

Speaking with members of the Nigerian business community at the Presidential Villa last night while breaking his Ramadam fast with them, the President said the CBN policy was yet to benefit the country.

He 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”.

President Buhari challenged the business community to create jobs, and get Nigeria out of the employment crisis being witnessed at the moment.


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