President Muhammadu Buhari on Monday frowned at the decision to devalue the naira, saying devaluation is of no benefit to the country.
This is despite the implementation of the flexible exchange rate policy, which has resulted in the devaluation of the nation’s currency.
Speaking at 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 from the Central Bank of Nigeria, CBN, for the devaluation of the naira.
According to Buhari, “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 maneuvered 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.”