Buhari still opposes Naira devaluation

President Muhammadu Buhari has renewed his opposition to the new foreign exchange regime introduced by the Central Bank of Nigeria (CBN) which subjects the exchange of the Naira to the market forces.

The President speaking on the issue at a Ramadan dinner he hosted for the business community at the Presidential Villa, Abuja, said the current devaluation of the Naira is counter-productive for the economy.

Expressing concern that one now needs between N300 and N350 to buy a Dollar, Buhari doubts if the economy has benefitted from such a massive devaluation of the Naira.

Buhari, however, said he is neither an economist nor businessman.

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