According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke at a meeting he had with members of the Council of Retired Federal Permanent Secretaries led by Chief Christopher Tugbobo at the Presidential Villa, Abuja, on Friday.
The president is insisting that the naira would not be devalued.
Buhari said, “When I was military Head of State, the International Monetary Fund and the World Bank wanted us to devalue the naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.
“The naira remained strong against the dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued.
“But how many factories were built and how many jobs were created by the devaluation?
“That is why I’m still asking to be convinced today on the benefits of devaluation.”
Nevertheless, some prominent Nigerians have spoken for and against the devaluation of the naira. In case you missed it, see what five of them have said about the it.
Ex-ICAN president faults naira devaluation
“By the time you devalue the naira, does that give us more dollars or increase what we are earning from oil? All we need to do is to cut our coat according to our cloth. We have to reduce our importation and devote more time to solid minerals and agriculture.” Chief Simeon Oguntimehin
Naira devaluation will restore economy — Ajaegbu
What do we stand to gain by remaining where we are now and doing nothing about it? I am not calling for a total devaluation. But by now, the economic team should be giving us scenarios that if we devalue by certain percentages – 25, 50 or 75, so and so would be the policy implications. They should simulate those scenarios for the President to have options to choose from. And then, they should also let him know that if we do not devalue, so and so are the implications. The President could then study the opinions, call for independent third party opinions from one or two economists he respects, and compare the opinions. But that he is not convinced? That should not be the attitude.
Naira devaluation won’t help Nigerian economy – Oshiomhole
“Even if we devalue by 300 per cent, it will not curb the appetite of the elite for imported toothpicks and frozen chicken, even if it is harmful, and to even import expired rice from other countries. So, the thesis that if we devalue, you will export more is not supported by evidence.
It’s needless to devalue naira now – Zinox chairman
“If devaluation happened mid-last year, it would have made sense and encouraged in-flows from investors but devaluing now would compound our already difficult situation and investors will only wait in anticipation of a further devaluation. It will rubbish our currency forever and strengthen the purchasing power of our trading partners.” Leo Ekeh
Devalue naira now, Fayose tells Buhari
Ekiti State Governor, Ayodele Fayose, has called for the devaluation of naira, saying with the gap between the official rate of N199 and parallel market rate of up to N400 to one dollar meant the currency has already been devalued.
According to him, the current forex policy is short-changing Nigerians and it has caused collapse of business with prices of goods skyrocketing every day. Click to signup for FREE news updates, latest information and hottest gists everyday
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