Nigeria President Buhari Resist Naira Devaluation.
President Muhammadu Buhari has restated his resolve to oppose the devaluation of the naira and increase in fuel price.
According to TheCable, the president stated his resolve in Abuja on Friday night at the 2016 regimental dinner organised by the presidential brigade of guards.
The annual event is organised to mark the end of drilling year of the
commission – and it is also an opportunity for officers to “mingle”
with their commanders.
Buhari said that his stance against the devaluation of the naira and
fuel price increase precipitated his overthrow as military head of state
“I have resisted the devaluation of the naira, increase of the
petroleum products, among others,” he told the soldiers and officers.
“When I was military head of state, I rejected similar advice by the IMF and World Bank to devalue the naira.
“I refused and gave my reasons and the next thing I knew I was removed and detained for three and a half years.
“As a civilian president, I will do my best and I’m telling you all
these because you are part of the leadership of this great country and
God willing we will remain great,” he added.
At present, the official exchange rate of the naira is N300/$1, while
it is N495/$1 at the black market. It was officially N197/$1 when
Buhari assumed office in May 2015.
The pump price of petrol was N86.50 and has increased to N145.