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Buhari upset as Naira crashes, appeals to businessmen


President Muhammadu Buhari is apparently unhappy with the new flexible exchange rate regime introduced on Monday, June 20, which saw the Naira fall from N197 to N282 to the dollar at the official rate, with the black market rate still as high as its pre-flexible rate season at N340.

He was addressing businessmen yesterday (Monday, June 27) as he hosted them to dinner in Aso Rock, Abuja. He complained about the underground devaluation.
Buhari stated :“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.’’

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