Tuesday 28 June 2016

Nigeria President Says No Benefit In Naira Devaluation



The President of Nigeria on Monday said he did no see any benefit that the country stands to derive from the devaluation of the naira.
This is despite the implementation of the flexible exchange rate policy, which has somehow led to the devaluation of the nation’s currency.
Buhari spoke during the breaking of the Ramadan fast with members of the business community at the Presidential Villa, Abuja.

The President said he was not comfortable with the reports he was getting from the Central Bank of Nigeria for the devaluation of the currency.
He said the rate of the naira to the dollar had increased astronomically between August 1985 and now.
The President said, “What do we derive from that? How much benefit can we derive from this ruthless devaluation of the naira? I am not an economist, neither a businessman. I fail to appreciate what is the economic explanation.
“What has happened to us now is that we have maneuverered ourselves into a mono economy, which led to the collapse we are seeing now.
“A lot of responsibilities now fall on your (business community’s) shoulders now. You have a lot of investments, a lot of people you employ.”
Buhari also said 13 states had been identified as capable of producing rice that could feed the nation in 18 months.
The Chairman of Unilever Plc, Chief Kola Jamodu, on behalf of the business community, promised their support for the present administration in its efforts to revamp the economy.
Jamodu said the support was necessary because the private sector could not thrive if the economy was in disarray.
He also lauded the government’s move to diversify the economy, adding, “We are with you as you strive to reposition the Nigerian economy. We are very much in support of your move to diversify the economy.
“I have the mandate of the group to tell you that we will give you all the support, because if the economy is in disarray, the private sector cannot survive.”


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