President Buhari angry with CBN over ‘ruthless’ Naira devaluation-KOKOLEVEL

President Muhammadu Buhari
 Muhammadu Buhari 

President Muhammadu Buhari is not happy with the situation of dollar rate to Naira despite devaluation of naira by the CBN  Governor Godwin Emefiele   over what he called ”the ruthless devaluation of the Naira.”While speaking at the Ramadan breaking fast  with Nigeria Business men  and women community ,on Monday, the president go against the act “the devaluation of naira,’’ saying that he he is not yet  to be the benefit of devaluation also  about the economic benefits of the exercise.He said

The President insist that, “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,’’ he told the businessmen.

President Buhari  also assured them that his administration would make Nigeria self-sufficient in rice production within 18 months, adding that 13 states of the federation had been identified for the production of the crop.
He said the Minister of Agriculture, Chief Audu Ogbeh, had already been briefed on how best to achieve the target.
Buhari decried the way and manner the nation’s scarce resources were wasted on the importation of food items by the previous regimes.

Read his Statement Below. 
“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,’’ he told the businessmen.

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