President Muhammadu Buhari has stated the reason he felt Naira devaluation was not the proper move to to improve the economy. Buhari stated that Naira devaluations has never helped Nigeria’s economy in the past and he does not believe it will now.
The ex Military Head of State said that he was yet to be convinced that the vast majority of ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.
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He spoke at a meeting with members of the Council of Retired Federal Permanent Secretaries, lead by Christopher Tugbobo.
“When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria,” Buhari said.
“The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued. But how many factories were built and how many jobs were created by the devaluation? That is why I’m still asking to be convinced today on the benefits of devaluation,” he added.