President Muhammadu Buhari has said the current flexibility policy recently introduced by the Central Bank of Nigeria (CBN) is of no benefit to the economy, Vanguard reports.

The CBN had introduced the flexible policy to
enable market variables determine the value of
the naira. The policy came as an economic and
market strategy to systematically devalue the
Naira, following its free fall recently.

But according to Buhari, the new policy was yet
to benefit the country. President Muhammadu Buhari has said the
current flexibility policy recently introduced by
the CBN is of no benefit to the economy.

Speaking breaking his Ramadam fast with
members of the Nigerian business community
at the Presidential Villa, Abuja, last night, the
President 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.”

However, President Buhari placed the
responsibility of creating jobs on the door steps
of the business community.

He noted that as part of plans to diversify the
economy, 13 states have been identified that
can produce rice that will feed the nation in 18
months. He agreed with the business community that
Nigeria will be in trouble, describing as
disappointing that Nigeria imported things like
tomatoes, rice, wheat among others that can be
produced in the country.

Buhari had, in February in Egypt, said he was
not in support of devaluation of the naira. He
said Nigeria, which is not an exporting nation,
would be worst hit if the naira was devalued.

Also, in March, in Kenya, while addressing
Nigerians in that country, Buhari said he won’t
kill the naira.

Ok na

Bubu the Mumu is angry, Let's beg him.

I see, He expects CBN staff to come and kneel before him like Zenith did for Fayose. Mtcheeww.

The mumulish President is looking for someone else to blame.
God is using Buhari to punish us for our sins the way he let pharaoh deal with the isrealites.

Give ur life to Christ today and save us from Buhari.

OK

Mr Daft should keep quiet and allow those with intelligence to clean his mess. El Dullardeen should just sit down and watch because when it comes to economic matters he has a big O


Lord we are sorry for giving an illiterate this job

What then is he in support of? As if devaluation policy just sprang up. Cofusionist mtchew.

He should also tell us how the economy benefited from the fixed exchange rate. What he does not realise is that his comments increase the chances of currency depreciation as investors infer that further political intervention with the CBN is likely and desist from bringing in forex into Nigeria.

Did i hear that the responsibility of creating jobs is now with the business community?
What has APC done to bring about the 3 million jobs a year?

God bless pmb for having d interest of nigeria first before personal interest.

The dongoyaro is angry with people who are trying hard to cover up his foolishness and inefficiency and yet he has no solution or alternative line of action in his brain. Naija go hear am dis remaining 3 years

Dem done say in one of the prophesies,"buhari'll bend to pressure on Naira devaluation",buhari suld consult prof.Pat utomi for an insight.

It seems he lacks patience.

This is the Messiah Yorubas clamoured for.

God help Nigerians

Mynd44 and lalasticlala, so abusing the President and calling him mumu and dullard does not violate Nairaland rule No. 2 right? Ok, just negodu

Make B Tinubu come see the Never Do Well of a Buhari he helped to be become president .He has zero idea about economics & Leadership has ambushed Democracy by not allowing experts to Function

onatisi:
The dongoyaro is angry with people who are trying hard to cover up his foolishness and inefficiency and yet he has no solution or alternative line of action in his brain. Naija go hear am dis remaining 3 years

bro, tell the OP to provide a link to the source at Vanguard.

thaoriginator:
Mynd44 and lalasticlala, so abusing the President and calling him mumu and dullard does not violate Nairaland rule No. 2 right? Ok, just negodu

is the president a member of nairaland and or did he make any comment on nairaland ?

Nigeria will only have peace if this man resigns

The same way you feel about the devaluation(no benefit) is the way we feel about your one year in office.

This is 21st century and we ought to have well educated people running the country

The president thinks the policy is of no benefit to the country and yet he allowed it to be implemented


it's a shame

onatisi:
is the president a member of nairaland and or did he make any comment on nairaland ?

that rule needs to be changed so all these nut-heads will get banned daily

thaoriginator:
that rule needs to be changed so all these nut-heads will get banned daily

Yes ,you are right but I think they wouldn't have been insulting the dullard president if he was up to task. You cant blame the cluelessness of the dullard on his critics,to be candid dullardihno follies is becoming unbearable

thaoriginator:
that rule needs to be changed so all these nut-heads will get banned daily

hahaha... u want to gag opposition abi?? buh buhari isnot complaining now... so why is it paining you for him?

Can this man be impeached ?

onatisi:

Yes ,you are right but I think they wouldn't have been insulting the dullard president if he was up to task. You cant blame the cluelessness of the dullard on his critics,to be candid dullardihno follies is becoming unbearable

You well oh. See your BIG head lol

It appears bubuhari is no longer in control anymore d big question is where were u when all dis terrible policy n destruction of our unity n progress is been imposed on nigerians?

Abeymills:
It appears bubuhari is no longer in control anymore d big question is where were u when all dis terrible policy n destruction of our unity n progress is been imposed on nigerians?

He has never been in control.