Buhari Says He Won't Kill the Naira as He Rejects Devaluation of The Naira

President Muhammadu Buhari declared late Wednesday in Nairobi that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira. Speaking at an interactive meeting with Nigerians living in Kenya, President Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.

The President added that he had no intention of bringing further hardship on the country’s poor who, he said, have suffered enough already.
Likening devaluing the Naira to having it “killed”, President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it. The President also rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs), saying that the Bureau de Change business had become a scam and a drain on the economy.
“We had just 74 of the bureaux in 2005, now they have grown to about 2,800,” President Buhari noted.
He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.
“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure. “We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” President Buhari told the gathering.
The President reaffirmed his conviction that about a third of petroleum subsidy payments under the previous administration was bogus.
“They just stamped papers and collected our foreign exchange,” he said. The President appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they are facing as a result of new foreign exchange measures. He said that he was optimistic that the Nigerian economy will stabilize soon with the efficient implementation of measures and policies that have been introduced by his administration.

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Posted: at 28-01-2016 04:50 PM (8 years ago) | Addicted Hero

Another senseless post

Posted: at 28-01-2016 04:55 PM (8 years ago) | Gistmaniac

This matter get K-leg honestly

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Posted: at 28-01-2016 05:26 PM (8 years ago) | Hero

The point remains that most reasonable Nigerians know that a currency that used to exchange for N150 to a dollar and now exchanged for N300 to a dollar is already devalued. It's only Buhari and his deceitful and clueless government and their blind chorus singers that don't know that the naira has been devalued as a precondition for external borrowing.

Posted: at 28-01-2016 05:50 PM (8 years ago) | Gistmaniac

how I wish

Posted: at 28-01-2016 06:05 PM (8 years ago) | Gistmaniac

if u know what is call devaluation of currency u won't be vomiting this nonsense. go ask Ghana when there money was devaluation the will tell wetin dem face

Posted: at 28-01-2016 07:20 PM (8 years ago) | Upcoming

Keeping our fingers crossed.....

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Posted: at 28-01-2016 08:32 PM (8 years ago) | Hero

That means no solution, what a clueless goverment with is terrible change

Posted: at 28-01-2016 10:07 PM (8 years ago) | Gistmaniac

i do not know why Nigerians forgot so soon, that the rise in dollars from 150 naira to about 300 naira as today was the caused by the previous administration and not Buhari administration, the likes of Okonjo Iweala, the former finance minister and the co-ordinating minister of the economy in GEJ administration deceives Nigerians that our economy is improoving. The truth of the matter is the previous administration of GEJ and Okonji Iweala wasted $62 billion dollars in our foreign reserved with the world bank,this money was left by Obasanjo administration, the GEJ wasted the $62 billion dollars and left the account empty.
The effects of this was as a result of the devaluation of the naira between 150 naira to 160 naira in the likes of Obasanjo administration as compared to 300 naira in GEJ. In simple economic terms be informed that the more money we have in our foreign reserved with the world bank determines the value of the Naira. As we speak today Nigeria as a country have less than $10 billion dollars in our foreign reserved with the world bank and this is not good for the country economy.

Posted: at 28-01-2016 11:13 PM (8 years ago) | Newbie

PMB,I no 4low u argue,Let's see how it all play down later,I no wan talk 4 now.

Posted: at 29-01-2016 06:01 AM (8 years ago) | Hero