The CBN had on Monday June 20th removed the exchange rate peg of N197 to a dollar in an effort to alleviate the chronic foreign currency shortages and allow market forces determine the exchange rates.
While breaking his Ramadan fast with business leaders, the president said;
"I don’t like the returns I get from the CBN concerning the devaluation of the Naira. In August 1985, the Naria was N1.3 to a dollar but now you need N300 or N350 to a dollar. What do we derive from that? How much benefit can we derive from this ruthless devaluation of the Naira.
I’m not an economist neither a businessman. I fail to appreciate what the economic explanation is. What has happened to us now is that we have maneuvered ourselves into mono-economy which led to the collapse we are seeing now”he said.
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