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Naira devaluation 2016.President Muhammadu Buhari is unhappy with the Central Bank of Nigeria, CBN, over what he called ”the ruthless devaluation of the Naira.”
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the economic benefits of the exercise.He said
“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.