By: Our Correspondent
President Muhammadu Buhari has berated the Central Bank of Nigeria (CBN) over its introduction of the flexibility policy stressing that its of no benefit to the nation’s economy.
The CBN had introduced the flexible policy to enable market variables determine the value of the naira.
Recalled that the policy was introduced by the financial institution as an economic and market strategy to systematically devalue the Naira, following its free fall recently.
But President Buhari has lamented that the new policy was yet to benefit the country.
The President while addressing members of the Nigerian business community at the Presidential Villa, Abuja after breaking his Ramadam fast last night, 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.”
Recalled that President Muhammadu Buhari had on June 2 was alleged to have 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.
