Barely a week after a Central Bank Policy to fully float Nigeria’s currency after months of a pegged exchange rate, President Muhammadu Buhari has expressed skepticism over the float.
For months, the Central Bank pegged the exchange rate at N197 to the dollar as the price continued to tumble on the parallel market and forcing many investors to call for a devaluation. President Buhari opposed devaluation even as the Naira further weakened.
President Buhari admitted yesterday at a meeting with business leaders, “I don’t like the returns I get from the CBN (Central Bank of Nigeria),”
He went on to say, “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 is the economic explanation,”
“What has happen to us now is that we have maneuvered ourselves into mono-economy which led to the collapse we are seeing now,”
President Buhari has displayed very little understanding of economics and economic policies as one of Africa’s biggest economies continues to flounder.