Again, Buhari rejects devaluation of Naira

FILE PHOTO: President Muhammadu Buhari presenting the 2016 Budget to the National Assembly

President Muhammadu Buhari declared late Wednesday in Nairobi, Kenya, 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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  • Otile

    Accursed be the day that corrupt Islamic school in Katsina handed Imam Mohamed a forged WASC certificate to qualify him to rule Nigeria. May more people from that school be struck with deadly diseases for what they did to the Nigerian nation. They they suffer mass paralysis.

    • favourtalk

      Are you ate your right sense, you a still been fooled by this long and useless campaign strategy

      • Otile

        Some of you are_hopeless. The election was over last year and people have moved on with their lives, yet you hopeless_lot are still hung up on election, campaign and fraudulent Buhari’s victory. Wake up, awon odale.

    • David Musaed

      You should be fired with an FN rifle. You this enemy of progress. You will just die and never wait till the time this county will progress.

      • Otile

        Back to sender. I never oppressed or killed anybody so your wish must come back to you.

        • David Musaed

          Lmao so you fear death like this and you come on this forum to vomit rubbish like. I have been reading your post for more than 8months now and i noticed you have never written about the news you are commenting. instead you deviate to other barbaric issues that are fake. Otile i will say it one more time. I will personally fire you with my AK47. Just so you know i have faced those blood sucking boko haram and i am alive and well, if i eventually come across you ?

          • Otile

            By the grace of God whenever you lift up your AK47 you will have premature accidental discharge and kill yourself. No weapon fashioned against me will succeed, no evil designed for me will succeed, it will always be back to sender. Those of you who wish others evil will perish in evil. Dauda Musa say amin.

          • David Musaed

            Otile you seem very hopeless, you use the name of God to reign curse on people and you will come out and call yourself a christian. So you dey fear to die ? Isiewu i dont have issues with you but next time you should always comment on the topic and not bring up baseless topic filled with lies. Asss Hoooole . I must imagine you live a miserable life in Nigeria.

          • tundemash

            Creek Coward ! So it is only online you can chat for war ?

        • tundemash

          Coward ! So it is only online you can chat for war ?

    • Aliyu

      @Otile, A desperate man always shouts even when the odds are in his favour. I believe you arent staying in Nigeria or that you have allowed your sentiment to becloud your judgement. Nigerians want a better Nigeria, where we can all be proud of. Buhari is trying and I agree with most of his policies. You need to realise and agree that Rome was not built in a day. So, lets be patience and give the man a chance.

      • Otile

        You must be receiving some cuts from the $2.1 billions Imam borrowed from the World Bank to settle your people. You agree with his lopsided policies including giving no cut from that loan to Igbo people who suffered most massacres and oppression in Africa. Do agree with his policies of denying qualified Igbo federal positions he preserved for his Fulani Yoruba relatives and slaves? Do you agree with his corrupt policies of locking Igbo people into prison and throwing away the keys, even when the courts ask him to release his Igbo captives he brings fresh frivolous charges against them? Do you still agree with his policy of lying about his 2016 budget? Do you agree with his policy of rewarding his corrupt friends with ministerial appointments while severely punishing his political enemies? Such a leader sends a country back in time.

    • Jokymama

      Remember Esther Okono of blessed memory? You need to respect your elders and learn where to draw the line with ignorant political statements, before you curse yourself for nothing while your political employers live on to enjoy their loot.

    • Guest

      Otile, you love Nigeria don’t allow bitterness to rob you off from a Nation of great destiny.

  • favourtalk

    When you have a president that cares for the common people and Nigeria as a whole. He will always stand firm with the principles and decision that will transform the nation. Change must continue to help us all

  • ikun

    The Naira has devalued itself in my neighbourhood today and now goes for 307 Naira to a dollar.

    I think it will reach 400 Naira to a dollar by next month because it is so scarce nowadays to get it.

    • David Musaed

      Take note dollar official price is still 197 to 199. Those bdc are the ones doing bogus exchange and killing Nigerian economy.

      • Yinus_abbey

        @davidmusaed:disqus

        You are right. @ikun is also right but he’s actually talking of depreciation, not evaluation. My take is that Buhari talks a lot on what he will not do but says nothing about what he will do to stop the poverty that will follow from depreciation of the Naira. Nigerians meet this 300 Naira to a dollar price in the market where imported rice sells at that depreciated price. Local rice sellers are seeking higher profit by pricing theirs
        close to that too. Supermarkets and medicine stores are more guided by the depreciated price of 300 to a dollar. They believe it is the right price to sell if they’ll be able to re-stock. Nobody believes there will always be enough dollars in the banks for official purchase. Already, manufacturing companies wait for six weeks for the Central Bank to approve their applications to get dollars at the official rate of 200 to a dollar. Six weeks!

  • Isi Agwo

    The illiterate and ignorant toad is bleating like a goat again! Bokohari, your blind almajerin, ‘no plan economy’ (aptly described by Financial Times as the “height of foolishness”) is what has already devalued the Naira. The value of the Naira, already down by over 90% from what it was this time last year (now £1 = nearly N500), does not wait for a dementia-suffering, certificate-forging illiterate to say so before it continues on its downward spiral.

  • COL HASSAN KILL ALL IJAWS

    There is nothing Buhari can do about the free fall of the Naira–Does he buhari not know that when u go about borrowing money like a beggar it often affects the curreny of your country? All Buhari has been doing since he assumed the mantle of leadership, via the USA, is to borrow and borrow and borrow like a beggar in Oyingbo market—He has not created a single productive base for the working population in the country–This is the same Buhari who swore to make the Naira to be at par with the dollar–Increase the price of oil–Now shaking like bitter leaf around the world with no sense of direction–Nigeria does not know where she is heading to—again under Buhari—————-Remove the fake anti corruption war–from the Fulani mouth of Buhari—————-and u will see how empty the man is—————How can u wage war against corruption, when u are surrounded by thieves–vultures–who are worst than armed robbers—in your government–U can never wage a clean war when u put one man in charge of 3 Ministries—-U must be insane–if not a mental case—to do that—————Now the Apes in APC are flying a kite by saying they want to use the pension funds————-when there are thousands of pensioners who are yet to be paid their retirement benefits——————-Money that was saved by Jonathan now to vanish under Buhari—-ati REMITA.

  • objective

    I think Buhari is the first Nigerian President that knows what he’s doing regarding devaluation when he refused to devalue the Naira further. Excellent argument on his part. What are we exporting to devalue our currency. The hardship that Nigerians are experiencing today is the direct result of the poor Judgement of our past leaders regarding devaluation of the Naira. Look at smaller and poorer countries that are producing and exporting nothing; they have currencies with higher values than the Naira. Look at Gambia. What do they have (with due respect to the people of Gambia. I ask for your pardon)?. Devaluation of the Naira is the direct cause of Human Capital flights that we are experiencing in our country today, and the level of corruption is atrocious.

    Politics of Direct Foreign Investment is not solely dependent on the value of your currency or infrastructural development of a country, but other prejudices which are not within our control as a Nation. That is why you must build your economy to a point where you can no longer be resisted, then all other prejudices will collapse. That is what the Asians did, now they can no longer be cast aside.

    I think the President should ignore ignorant comments made by bigots and co-corruption perpetrators and focus on what he’s doing, and I am sure that very soon our Nation will be great again.

  • Olamide

    PMB sure knows what he is doing. We should have had this man a long time ago.