Nigeria’s President Muhammadu Buhari has stated that he sees no benefit in the Central Bank of Nigeria, CBN’s floating of the interbank market.
The naira had officially depreciated about 31% to N282/$ since the CBN abandoned its peg on the currency a week ago. Many sees it as a devaluation of the currency.
Speaking to a gathering of Nigerian business tycoons, Buhari said the devaluation isn’t good for the country’s economy.
“I don’t like the returns I get from the CBN (Central Bank of Nigeria),” said Buhari, addressing a group of business leaders that included Africa’s richest man, Aliko Dangote, Zenith bank founder Jim Ovia and oil billionaire Femi Otedola.
Buhari said the devaluation of the naira in 1985 saw the naira trading at 1.3 to the dollar, whereas “now you need 300 or 350 naira to a dollar”.
“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,” he said.
The naira on Monday depreciated to N350/$ at the parallel market and N282/$ at the interbank market.
