Buhari angry with CBN over new policy

– President Muhammad Buhari believes the newly
introduced flexible exchange policy by the CBN is of no
benefit to the economy
– Buhari describes the policy as a ruthless devaluation
of the Naira
– Buhari places the responsibility of creating jobs on
the door steps of the business community
President Muhammadu Buhari has said the current
flexibility policy recently introduced by the Central Bank of
Nigeria (CBN) is of no benefit to the economy, Vanguard
reports.
The CBN had introduced the flexible policy to enable
market variables determine the value of the naira. The
policy came as an economic and market strategy to
systematically devalue the Naira, following its free fall
recently.
But according to Buhari, the new policy was yet to benefit
the country.
READ ALSO: CBN plans new policy to weaken Naira

President Muhammadu Buhari has said the current
flexibility policy recently introduced by the CBN is of no
benefit to the economy.
Speaking after breaking his Ramadam fast with members of
the Nigerian business community at the Presidential Villa,
Abuja, last night, the President said: “I don’t like the returns
I get from the CBN concerning the devaluation of the Naira.
How much benefit have we derived from naira devaluation
in the past? In August 1985, the Naira 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.”
READ ALSO: President Buhari speaks on the state of nation
However, President Buhari placed the responsibility of
creating jobs on the door steps of the business community.
He noted that as part of plans to diversify the economy, 13
states have been identified that can produce rice that will
feed the nation in 18 months.
He agreed with the business community that Nigeria will be
in trouble, describing as disappointing that Nigeria
imported things like tomatoes, rice, wheat among others
that can be produced in the country.
Buhari had, in February in Egypt, said he was not in support
of devaluation of the naira. He said Nigeria, which is not an
exporting nation, would be worst hit if the naira was
devalued.
Also, in March, in Kenya, while addressing Nigerians in that
country, Buhari said he won’t kill the naira.
However, on June 2, President Muhammadu Buhari
supported plans by the CBN to move to a flexible exchange
rate market. The president reportedly gave his approval for
the CBN to begin implementation of the flexible exchange
rate system

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