In spite of the implementation of the flexible exchange rate policy that has led to the devaluation of the nation’s currency, President Mohammadu Buhari has said on Monday that devaluation of naira has no benefit for the country.
He made this statement during the breaking of the Ramadan fast with members of the business community at the Presidential Villa, Abuja.
He expressed dissatisfaction over the report brought to him by the Central Bank of Nigeria calling for the devaluation of naira. He added that since 1985, the country’s currency to the dollar had increased immensely.
According to the president, “What do we derive from that? How much benefit can we derive from this ruthless devaluation of the naira? I am not an economist, neither a businessman. I fail to appreciate what is the economic explanation.
“What has happened to us now is that we have maneuvered ourselves into a mono economy, which led to the collapse we are seeing now.
“A lot of responsibilities now fall on your (business community’s) shoulders now. You have a lot of investments, a lot of people you employ.”
He furthered that a latest discovery has it that 13 states in the federation have the capacity to produce rice that can be enough for the country in 18months.
Buhari also said 13 states had been identified as capable of producing rice that could feed the nation in 18 months.
Those who graced the event were: Chief Femi Otedola, Alhaji Aliko Dangote, Mr. Tony Elumelu, Mr. Wale Tinubu and Mrs. Folorunsho Alakija.