President Muhammadu Buhari said the call for the
devaluation of naira has put him under pressure.
Buhari made this
disclosure while briefing senior journalists on the activities of his
government in the last one year.
The President who said
he was still agonizing over the call for the devaluation of naira said he
needed to be educated on the issues.
“My argument has been
that those who devalue their currencies have developed economies, where there
is local production and they export the excess. They have good infrastructure.
So they devalue their currencies to sell their products outside their shores,
and employ their people. We claim to import food, but this is a lie. People
just take the money out of the country. How many factories have we built? So I
refused to devalue the Naira.
“Now you need N350 to
get a dollar! I challenged Nigerian economists to tell me what benefits Nigeria
has earned from the devaluation so far”, He said.
-Sun News
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