President Muhammadu Buhari is currently not happy with the currency flexibility policy recently invoked by the Central Bank of Nigeria, insisting that the policy was not beneficial to the economy.
Speaking while breaking his Ramadam fast with members of the Nigerian business community at the Presidential Villa in Abuja, last night, President Muhammadu Buhari, yesterday insisted that the currency flexibility policy recently invoked by the Central Bank of Nigeria (CBN) to enable market variables determine the value of the Naira, was not beneficial to the country's economy.
It would be recalled that the CBN policy, came as an economic and market strategy to systematically devalue the Niara, following its free fall recently. It was one decision that didn’t come so easy as president Buhari never wanted to further devalue the currency.
The president who insisted that the CBN policy was yet to benefit the country, 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,”
“A lot of responsibilities now fall on your shoulders now. You have a lot of investments, a lot of people you employ," Buhari said.
To get Nigeria out of the employment crisis, the President placed the responsibility of creating jobs on the door steps of the business community.